New Currency Chests Guidelines Issued by RBI

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

  1. 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.
  2. 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.
  3. 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.

Recommended Books for IAS

Recommended For You

About the Author: IAS Kracker

IAS Kracker is your friend, mentor and guide to help you crack the IAS exam. We have been guiding hundreds of IAS Aspirants since 2009 to help realize their dream of cracking the IAS exam. Know more about us.

Leave a Reply

Your email address will not be published. Required fields are marked *