Recently Rs 4.04 crore was stolen by a private security guard from the currency chest of Axis Bank in Chandigarh’s Sector 34.
- Currency chests are branches of selected banks authorised by the RBI to stock rupee notes and coins for banks and ATMs. The responsibility for managing the currency in circulation is vested in the RBI.
- The RBI has set up over 4,075 currency chests all over the country.
- These chests are usually situated on the premises of different banks but administrated by the RBI.
- Representatives of the RBI inspect currency chests time-to-time, and update their senior officers about it.
- The money present in the currency chest belongs to the RBI and the money, kept in the strong room outside the currency chest belongs to the bank.
- The security of currency chests is the subject of the bank in which chests are situated. The Reserve Bank of India (RBI) reimburses the security expenses to the bank as per the set norms.
(Reference: Indian Express and Business Line)
