RBI plans to revamp currency management infra to cater to future cash needs

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RBI plans to revamp currency management infra to cater to future cash needs - Business Standard

Quick Summary:

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 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 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.