The Bank of Jamaica, BOJ, says it’s already seen a positive change in the commercial banking sector in response to its new guaranteed service standards for automated banking machines, ABMs.

The BOJ gave an update on the initiative during its Quarterly Monetary Policy media briefing on Tuesday.

BOJ Governor, Richard Byles, also sought to assure Jamaicans that the central bank would institute monetary penalties to better hold deposit-taking institutions to account.

Chevon Campbell tells us more.

In April this year, the Bank of Jamaica issued new service-level standards as guidelines for the operation of Automated Banking Machines, ABMs, by deposit-taking institutions.

These include minimum standards regarding the availability of ABMs and restocking times for machines without cash.

Deputy Governor at the BOJ, Jide Lewis, says since inception they’ve seen positive change among commercial banks.

However, Mr. Lewis says uptime for ABMs still hasn’t reached an acceptable standard.

Meanwhile, in addressing criticism that there’re no monetary penalties accompanying the service standards, BOJ Governor Richard Byles says this will be addressed in updated legislation.