The Reserve Bank of India (RBI) has recently released new set of requirements for financial institutions to establish fresh currency chests.
Information on the latest Criteria
- Location of the strong room/ safe of at the very least 1,500 sq ft. For banks located in mountainous/ hard to reach locations, the strong room/ safe location should have a minimum area of 600 sq ft.
- The brand-new currency chests ought to have a handling capability of 6.6 lakh items of banknotes each day. Those positioned in the mountainous/ unreachable locations should possess an ability of handling 2.1 lakh items of banknotes daily.
- The currency chests must have Chest Balance Limit (CBL) of Rs 1,000 crore, based on concrete facts as well as realistic constraints, at the discernment of the RBI.
What are Currency Chests
Currency chests are divisions of chosen financial institutions authorized by the Reserve Bank of India to equip currency notes and also coins. The RBI divisions in numerous cities obtain the notes from printing presses as well as coins from the presses. These are distributed to the currency chests and also little coin depots where they are dispersed to bank branches. The RBI has established over 4,075 currency chests throughout the nation. Besides these, there are around 3,746 bank branches that serve as tiny coin depots to equip currency coins.