Mint Road's refined currency management system has led to a marked fall in its holding pens. The number of currency chests (CCs) in the country stands at 2,838 in FY23 from 3,812 in FY19 while that of coin depots is at 2,293 (3,519).
This follows the Reserve Bank of India (RBI) revamping its systems in FY19 as in getting bigger storage units. The amount of cash in CCs was placed at a minimum of ₹1,000 crore and was to be housed in a ₹1,500 sq ft strong room in hilly and inaccessible places. The strong room was to be at least 600 sq ft.
The functions relating to issuing currency (banknotes and coins) and their management are performed by the RBI through its 19 issue offices, CCs and small coin depots in the country. In FY23, the State Bank of India accounted for the highest share (53.14 per cent) of CCs.
This story is from the March 25, 2024 edition of Business Standard.
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This story is from the March 25, 2024 edition of Business Standard.
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