Amid concerns about the increasing incidence of attacks on cash-in-transit (CIT) vehicles as they replenish ATMs, representatives from India's banking and CIT sectors were expected to meet to discuss possible solutions. The meeting was prompted by a request from the Reserve Bank of India, a report by Business Standa
Amid concerns about the increasing incidence of attacks on cash-in-transit (CIT) vehicles as they replenish ATMs, representatives from India's banking and CIT sectors were expected to meet to discuss possible solutions.
The meeting was prompted by a request from the Reserve Bank of India, a report by Business Standard said. In response, the country's Indian Banks Association, whose members include both public and private FIs, formed a working group to look into CIT risks.
According to the report, CIT companies have been hard pressed to meet the demand for qualified security guards due to the explosive growth of India's ATM industry over the past year.
Hampering the companies' efforts is the fact that India's Private Security Agencies Act does not include wording to permit a CIT security guard to acquire an arms license.
"In absence of a clear-cut policy to secure gun licenses for our trained guards, cash management companies have to hire men with licenses, who are often without any security and guarding training," Rituraj Sinha, managing director of SIS Prosegur, a cash management firm, told the Business Standard.