RBI issues norms for banks to set up currency chests
Business / RBI issues norms for banks to set up currency chests
Business - RBI issues norms for banks to set up currency chests
The Reserve Bank of India Monday came out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room. New chests should have processing capacity of 6.6 lakh pieces of banknotes per day. RBI appointed committee had recommended that apex bank should encourage banks to open large currency chests with modern facilities & Chest Balance Limit of Rs 1,000 crore.