RBI allowed modern currency chests to Hike service charges

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The Reserve Bank of India has announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs5 per packet of 100 pieces to a higher rate subject to a maximum of Rs8 per packet.

For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC. The increased rates can be charged only after such classification by the issue office concerned.

Currency chest :

India is the seventh-largest country by geographical area, the second-most populous country with over 1.18 billion people. The Reserve Bank of India is responsible for issuing coins and notes to the public on demand and for maintaining the quality of the notes issued.

Functions of Currency Chests :

  • To meet currency requirement of public
  • To withdraw unfit notes
  • To provide exchange facility from one denomination to another
  • To make payment requirement of the Government
  • To exchange the mutilated notes
  • To avoid frequent movement of cash