BANKING AFFAIRS

Detailed explanation-1: -The central bank stores excess money for banks and ATMs in such a Currency Chest. Such chests are held at the premises of select bank branches across India. Any money stored within a Currency Chest belongs to the RBI, and any money stored outside the chest in the bank belongs to the bank itself.

Detailed explanation-2: -Currency notes deposited in the currency chest belong to the Reserve Bank Of India.

Detailed explanation-3: -The minimum amount of deposit into / withdrawal from currency chest will be ₹1, 00, 000 and thereafter, in multiples of ₹50, 000.

Detailed explanation-4: -The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, we are responsible for the design, production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes.

Detailed explanation-5: -ensuring smooth distribution of banknotes and coins throughout the country and retrieval of unfit notes and uncurrent coins from circulation, ensuring the integrity of bank notes, administering the RBI (Note Refund) Rules, reviewing/rationalising the work systems/procedures at the issue offices on an ongoing basis and.