Soon, You Won’t be Able to Bank on ATMs Late Night
WATCH THE CLOCK Govt proposes that ATMs shouldn’t be replenished with cash after 8 pm in cities, 5 pm in rural areas
New Delhi: ATMs could soon disappoint if you need cash at the dead of the night.
The government is proposing that ATM’s should not be replenished with cash after 8 pm in cities and private cash transportation agencies must collect cash from banks in the first half of the day for replenishing ATMs. Also, specially designed cash vans, fitted with CCTV and GPS, must not carry more than .₹ 5 crore per trip. Two armed guards and driver in each van must be trained to “disengage with the situation and drive vehicle to safety” in case of an attack — these men at time of getting the job must produce two guarantors, one of them a government servant. These are part of a new guidelines and risk mitigation procedures the government is proposing for secured cash movement by leading private players in the industry.
Nearly, 8,000 privately-owned cash vans ferry around .₹ 15,000 crore daily between banks, currency chests and ATSs — they also hold nearly .₹ 5,000 crore overnight in their private cash vaults on behalf of the banks. These have been a spurt in attacks, hijacking and looting of cash vans which are seen as soft targets. The government has proposed that for replenishment in ATMs, cash transportation agencies must collect cash from the bank in the first half of the day and no cash loading of the ATMs or cash movement should be done after 8 pm in urban centres across India. The deadline for rural areas would be 5 pm, and 3 pm in Naxal- affected districts.
Per trip, a cash van cannot carry more than .₹ 5 crore, the new SOPs (standard operating procedures) have proposed. Specially designed and secure cash vans must be compulsorily deployed for carrying cash over .₹ 5 lakh per trip, the Centre says. Such vans must have two independent compartments, with the one for storing cash to be separated and locked from passenger compartment and the cash compartment being specially reinforced with steel and only one door which can be opened inter- nally through a manual or electronic lock. The cash boxed must also be secured to the van floor with separate chains and padlocks with their keys entrusted to separate custodians.
Antecedents of private guards and drivers hired by private security agencies must be verified by police and each such individual be asked to produce two guarantors of “good standing”, including one serving or retired government servant, at the time of getting the job. They must be trained comprehensively over 160 hours before being put on the job — specifically to spot threats and risks like being tailed by vehicleborne criminals, insider’s threat and how to use weapons to deter and resist criminals while disengaging with the situation and driving vehicle to safety.