RBI Allows Modern Currency Chests To Hike Service Charges
26, May 2019
Prelims level : Mains level :
- Reserve Bank of India announced that it will allow large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs5 per packet of 100 pieces to a higher rate subject to a maximum of Rs8 per packet.
- For this, only a currency chest (CC) that fulfils the minimum standards will be eligible to be classified as a large modern CC.
- The increased rates can be charged only after such classification by the issue office concerned.