-> RBI had constituted a Committee on Currency Movement [Chair: Shri D.K. Mohanty, Executive Director, Reserve Bank of India] to review the entire gamut of security of the treasure in transit.
-> Recommendations of the Committee relating to timely reconciliation of transactions (i.e. ATM cash replenishment) between the bank, the service provider and its sub-contractor have been examined.
Bank shall follow the procedure-
-> Cash indents by the Service Provider shall be made at least a day in advance (T-1 where T is the day of cash loading), in consultation with the chest / nodal branch.
-> Multiple points of cash withdrawal may be avoided and shall be restricted to one in each centre. However, metropolitan centres may have two points of cash withdrawal.
-> Reconciliation of transactions shall be done between the bank, the service provider and its sub-contractors at least on a T+3 basis.
-> In the event of a dispute or the reporting of alleged /attempted breach of security / laid down procedures, access to video footage of the ATM may be provided by the bank to the service provider and its subcontractors on request.
-> Put in place an efficient digital records management system for data retrieval and reconciliation.
-> Create and maintain a data base of employees at industry level through any unique mode / code of identification by the Self Regulatory Organisation to ensure that they possess unblemished records.
