News

Committee finalizes recommendations for ATM security in India

April 1, 2014

Following the brutal attack last November by a machete-wielding robber on a woman using an ATM, the Indian banking system continues to investigate ways to make the nation's ATMs safer for users and cash service companies.

A committee set up by the Indian Banks' Association has suggested a number of improvements to security. In 10 days, the IBA committee will present its recommendations to the Reserve Bank of India, a report from Economic Times said.

The RBI will then determine whether the measures should be adopted and whether (or how much of) the additional cost may be passed on to bank customers.

The recommendations include three notable changes:

• security guards at ATMs would be allowed to obtain gun licenses;
• cash-loading at ATMs would be barred after 8 p.m.; and
• cash management companies would have to meet established criteria for infrastructure and operating practices (intended to weed out sub-standard players).