The Dáil has approved a government law that ensures access to cash infrastructure, reports RTE.
The Seanad will now consider the Finance (Provision of Access to Cash Infrastructure) Bill 2024.
In addition to requiring banks to install ATMs in specific locations, the measure would provide the Central Bank the authority to handle problems that impact people who need to access cash, especially in rural regions, reports RTE.
It resulted from a suggestion provided by the November 2022 issue of the Retail Banking Review.
It raised awareness of the ongoing significance of cash in preventing financial exclusion and enabling customers to effectively manage their budgets, reports RTE.
Additionally, it said that cash is necessary as a backup in case cyberattacks or disruptions affect electronic banking or the payments system.
According to the law, cash availability would initially be kept at levels around December 2022, reports RTE.
The three major retail banks are likewise subject to specific requirements.
Additionally, it stipulates that there must be a certain number of ATMs for every 100,000 inhabitants, reports RTE.
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