RBI issues guidelines for banks to set up currency chests

Context

  • The Reserve Bank of India on Monday came out with guidelines for banks to set up new currency chests.

Guideline

  • “Area of the strong room/ vault of at least 1,500 sq ft.
  •  For those situated in hilly/ inaccessible places, the strong room/ vault area of at least 600 sq ft,” the RBI said while specifying minimum standards for setting up new currency chests.
  • Besides, the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day.
  • For those situated in the hilly/ inaccessible places, capacity of 2.1 lakh pieces of banknotes per day.

What are Currency chests?

  • Currency chests are branches of selected banks authorised by the RBI to stock rupee notes and coins.

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