Synopsis The Reserve Bank of India prepares to modernise its currency management facilities over the next 4-5 years. This consists of developing brand-new currency management centres, presenting storage facility automation, and boosting security systems. The objective is to make sure sufficient storage and managing capability for future money requirements while keeping performance and security. Reuters The Reserve Bank prepares to adequately revamp its currency management facilities over the next 4-5 years, primarily to make sure appropriate storage and managing capability to accommodate the future money requirements of the growing economy. The production of greenfield currency management centres, the intro of storage facility automation, the setup of security and security systems, a stock management system, and a centralised command centre are being mooted to modernise the existing facilities, according to an RBI file. The anticipated timeline for the entire job is 4-5 years, according to the expression of interest (EoI) released by the Reserve Bank of India (RBI) for procurement of consultancy and job management services for the modernisation of currency management facilities. “Despite small amounts in the development rate of NIC (Notes In Circulation) in the last 3 years, analysis shows that the development will continue to be favorable over the foreseeable future though the rate thereof is anticipated to be slower over the next years,” the file stated. Even more, the reserve bank stated the pattern in volume development is anticipated to continue, and the rate might even speed up, such that the worth requirements of the general public are satisfied adequately yet easily. Notes in Circulation (NIC), in volume and worth terms, have actually increased substantially over the previous twenty years. NIC volume stood at 136.21 billion pieces (bpcs) on March 31, 2023, and 146.87 bpcs since March 31, 2024. Coins in Circulation (CIC) have likewise i
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