RBI allows modern currency chests to hike service charges

Published: May 25, 2019

The Reserve Bank of India (RBI) has allowed large modern currency chests to increase the service charges on cash deposited by non-chest bank branches from the existing rate of Rs. 5 per packet of 100 pieces to a higher rate subject to a maximum of Rs. 8 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.