x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Forces thwart Pak’s Hamas-style attack on Jammu | In Pak terrorists are given state funerals: Foreign Secretary | Terror nexus exposed: Al-Qaeda backs Pak | Jammu mosques, madrassas open for displaced border residents | Amid cross border shelling, CM Omar reviews situation in border districts | Breeding Ground for fidayeen, links to Hamas, stockpiled NATO arms | PM meets secretaries, stresses on alertness | Masood Azhar’s brother killed: BJP | LG Sinha chairs high-level meeting, reviews preparedness | Army uses Harpy drones to target enemy air defence systems | Pak attempts to attack 15 places in North, Western India foiled | 100 terrorists, aides killed in strikes: Rajnath at All-Party Meeting | SDRF conducts Mock Drill Exercise at IIT Jammu | Developed India strikes back at provocateurs by entering their hideouts: CM Yogi | Cash Row: CJI recommends impeachment of Justice Yashwant Varma, says sources | Amit terms AI as biggest disruptive tech of 21st Century in MZU National Workshop | Salman Sagar appointed as vice provincial president of JKNC | SET exam in J&K, Ladakh UTs postponed | ASCOMS & Hospital to provide free treatment to border shelling victims | Rs 300 crore BrahMos Missile Unit set to be inaugurated in Lucknow on May 11 | Any military attack on India will be met with very firm response: EAM Jaishankar | Vivek Bali Expresses Deep Grief Over Loss of Lives in Poonch Due to Pakistan Shelling | Reasi police foil illegal transportation of Khair logs in Katra area | 84 Bn CRPF Provides Relief to Flood-Affected Families | DC Jammu Reviews Zonal Master Plan for Ramnagar Eco-Sensitive Zone | Horticulture Department Kathua organises exposure visit | DC conducts on site inspection of restoration works on NH-44 | Power shut down in several areas | GMC Doda organises Blood Donation Camp | HPS participates in annual “Save Water, Save Birds” campaign | World Red Cross Day observed at Udhampur | Reasi Administration celebrates World Red Cross Day | ACR reviews implementation of E-Waste Management Action Plan | Poonch Administration steps up restoration of Essential Services, Supplies | Arushi Kotwal of Doda Honoured by Union Minister Dr Mansukh Mandaviya | Mini-Super Bazar M-PACS Maitra inaugurated in Ramban | DC Reasi felicitates JK Board Class 10th 12th Toppers | Back Issues  
 
news details
RBI plans to revamp currency management infrastructure
9/15/2024 10:17:01 PM

NEW DELHI, Sept 15:
Agencies

The Reserve Bank plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy.
The creation of greenfield currency management centres, the introduction of warehouse automation, the installation of security and surveillance systems, an inventory management system, and a centralised command centre are being mooted to modernise the existing infrastructure, according to an RBI document.
The expected timeline for the whole project is 4-5 years, according to the expression of interest (EoI) issued by the Reserve Bank of India (RBI) for procurement of consultancy and project management services for the modernisation of currency management infrastructure.
“Despite moderation in the growth rate of NIC (Notes In Circulation) in the last three years, analysis indicates that the growth will continue to be positive over the foreseeable future though the pace thereof is expected to be slower over the next decade,” the document said.
Further, the central bank said the trend in volume growth is expected to continue, and the rate may even accelerate, such that the value needs of the public are met sufficiently yet conveniently.
Notes in Circulation (NIC), in volume and value terms, have increased considerably over the past two decades. NIC volume stood at 136.21 billion pieces (bpcs) on March 31, 2023, and 146.87 bpcs as of March 31, 2024.
CIC volume stood at 127.92 bpcs as of March 31, 2023 and 132.35 bpcs as of March 31, 2024.
“Concomitant with this growth, and in line with the Clean Note Policy of the Bank, the volume of soiled notes is also likely to keep increasing proportionately.
“Thus, the current currency management infrastructure needs modernisation to ensure adequate capacities (factoring future needs), optimisation, as also making the process safer and environment friendly,” the RBI said.
The banknotes are printed at four printing presses, and coins are minted at four mints.
The new banknotes and coins are received at nineteen Issue Offices (IOs) across the country, from where they are further distributed to about 2,800 Currency Chests (CCs) operated by scheduled banks.
The RBI said several central banks/monetary authorities have been facing multiple challenges in currency management due to the increase in the volume of banknotes printed, distributed, retrieved and processed as also due to increasing costs and security risks associated with them.
To handle the increasing volume of banknotes, some central banks/monetary authorities have proactively modernised their currency management infrastructure by adopting suitable re-engineering of their currency management processes and setting up separate facilities for the handling of banknotes.
These countries include Austria, Egypt, France, Germany, Hungary, Indonesia, Japan, Malaysia, and the USA.
The RBI, according to the document, is interested in modernisation of the currency (banknotes and coins) management infrastructure across India to create adequate state-of-the-art storage and handling capacity to meet future cash needs of the economy, enhancing efficiency in currency management operations, ensuring security of the highest possible order while contributing towards a greener planet.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU