CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has extended the timeline for banks to use lockable cassettes, which could be swapped at the time of cash replenishment, in their ATMs by a year to March 31, 2023.

Detailed explanation-2: -Accordingly, it has been decided to extend the timeline for implementation of cassette swap in all ATMs till March 31, 2023.

Detailed explanation-3: -Cassette Swap is lockable cassettes that are swapped at the time of cash replenishment in the ATMs (Automated Teller Machines).

Detailed explanation-4: -The withdrawal request can be initiated for a minimum of Rs 100 per transaction and a maximum of Rs 10,000 per day or Rs 25,000 per month as per regulatory guidelines. Also, the bank customers now have to pay more than what they were paying earlier for cash withdrawal from ATMs.

Detailed explanation-5: -The RBI, in June last year, allowed banks to charge up to Rs 21 per transaction at the ATM (Automated Teller Machine) above the monthly free transaction limit, effective from January 1, 2022. Usually, banks offers five free transactions at the ATMs every month. Any transaction after that is chargeable.