(PTI)
With a view to effectively deal with increasing circulation of banknotes, the Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre (ABPC) in Jaipur for receipt, storage and dispatch of currency notes.
The functions of the ABPC will also include processing of banknotes received from currency chests (CCs) and bank branches, and destruction of soiled banknotes in an automated manner, said the RBI’s Request for Proposal (RFP) for engagement of consultant for comprehensive consultancy services for establishment of ABPC at Jaipur.
“Cash remains an important mode of payment for most Indian citizens, notwithstanding the growth in digital payments. In fact, the banknotes in circulation have been concurrently growing with the rise in digital payments. The global trend of increasing volume of banknotes in circulation has been witnessed in India as well,” the document said.
The volume of banknotes in circulation has increased three-fold from March 2001 to March 2019, and is expected to rise further in the years to come. Besides, supply of banknotes by the presses has increased about four times from March 2001 to March 2019 and is expected to increase manifolds.
“This has necessitated a relook at the present system of cash management and a need is felt to automate the handling of banknotes for receipt, storage, retrieval, processing and destruction, in line with the global changes, adopting modern technology,” the document said.