RBI to rewire cash handling system, starts exploratory talks with banks

The paradigm sought to be crafted will get rid of the wastage in costs and manpower; and add to the velocity of money - fresh and clean notes will always remain in circulation

The Reserve Bank of India (RBI) has kickstarted exploratory talks with banks and cash logistics companies (CLC) on processing cash-in-transit (CIT) outside of the Jurassic-age currency chest management system. It is part of a larger plot, which will eventually help banks discard the considerable burden involved in handling huge amounts of cash and stick to their core operational area as is done in matured economies.

Sources familiar with the developments told Business Standard that Mint Road is engaged with the industry on the subject, but said it will be sometime before the specifics involved CIT — the charges sought to