The Reserve Bank of India has decided to set up its first Automated Banknote Processing Centre (ABPC) in Jaipur for storage, receipt, and dispatch of currency notes.
The Reserve Bank of India has decided to set up its first Automated Banknote Processing Centre (ABPC) in Jaipur for storage, receipt, and dispatch of currency notes.
The decision was taken to effectively deal with the increasing circulation of banknotes.
The RBI document stated that cash remains an important mode of payment for most Indian citizens, notwithstanding the growth in digital payments. In fact, the currency notes in circulation have been steadily increasing with the rise in digital payments. Besides this, the global trend of the increasing volume of banknotes in circulation has been witnessed in India as well.
This increased volume of currency noted made it necessary for the apex bank to relook the present system of cash management and a need is felt to automate the handling of banknotes for the receipt, storage, processing, and destruction with the use of modern technology.
Automated Banknote Processing Centre: Key Functions
The key functions of the proposed Automated Banknote Processing Centre will include automated storage and receipt of fresh banknotes from printing presses and automated retrieval and dispatch of the notes to the identified issue offices or currency chests.
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