Bhubaneswar, Apr 16: After running out of cash for over a month, thousands of ATMs across India are now starting to dispense cash as the authorities of a major private bank have taken over the cash vaults.
The vaults were earlier managed by AGS Transact Technologies, a major player in ATM management.
An ATM vault is the secure compartment within an ATM where cash is physically stored. It can be seen as a mini safe inside the machine.
Notably, the ATMs of one of the major private banks in Odisha as well as across India were unable to dispense cash, causing serious problems for people.
Sources said that a large sum of money, possibly between Rs 1,000 and Rs 1,500 crore, which was managed by AGS Transact, was not reconciled.
Banks that relied on AGS Transact to refill their ATMs are now trying to figure out where the cash went.
While the exact amount is still unknown, it's a big enough issue to raise serious concerns and needs a detailed investigation.
However, the concerned authorities could not be reached for comments on the issue.
