RBI allows modern currency chests to hike service charges

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RBI allows modern currency chests to hike service charges

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The Reserve Bank of India, on Thursday, said 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 ₹5 per packet of 100 pieces to a higher rate subject to a maximum of ₹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 RBI said in a circular to all banks. “Banks may approach the issue office of the RBI under whose jurisdiction the currency chest is located for such classification. “The increased rates can be charged only after such classification by the issue office concerned,” the RBI said.

Source- Business Line.