Cash is usually loaded not by banks but logistics companies , who are responsible for transportation from bank currency chests to branches and ATMs. These firms also take care of the maintenance of these machines. About Rs 14,000 crore is carried everyday by cash vans across India.
Under the OTC locking system, the loaders are given a one-time combination number – a kind of password – to access the ATM. Once loading is complete, the combination expires completely and cannot be used anymore. This helps in tracking the exercise and minimises fraud.
Typically five people -- including a driver, two security personnel and two “cash custodians” -- travel in a cash van. While the security guards wait outside the ATM kiosks, the two “custodians” have two different passwords that they use to open the ATM.
However, these combinations are often not kept a secret and both custodians know each other’s passwords. “As a result, these people can come back anytime to indulge in mischief without anybody’s knowledge and operate the ATMs,” said Rao.
While all ATMs were recalibrated after demonetisation, pending security issues continue to be a threat, a senior bank official who did not wish to be identified, said.
Written and Published by www.hindustantimes.com/