The Reserve Bank of India came out with guidelines for banks to set up new currency chests, which include a minimum area of 1, 500 square feet for strong room. The new chests should have a processing a capacity of.....lakh pieces of banknotes per day.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Reserve Bank of India came out with guidelines for banks to set up new currency chests, which include a minimum area of 1, 500 square feet for strong room. The new chests should have a processing a capacity of____lakh pieces of banknotes per day.

A	7.8 lakh pieces
B	4.2 lakh pieces
C	5.3 lakh pieces
D	6.6 lakh pieces

Explanation:

Detailed explanation-1: -Accordingly, it has been decided to have the following minimum standards for setting up new CCs: Area of the strong room/ vault of at least 1500 sq. ft.

Detailed explanation-2: -The Direction will be updated as and when fresh instructions are issued. The minimum amount of deposit into / withdrawal from currency chest will be ₹1, 00, 000 and thereafter, in multiples of ₹50, 000. 1.2. 1 The currency chests should invariably report all transactions through CyM – CC portal on the same day by 7 pm.

Detailed explanation-3: -For those situated in hilly / inaccessible places (as defined by central / state government/ any appropriate authority), the strong room/ vault area of at least 600 sq. ft. Processing capacity of 6, 60, 000 pieces of banknotes per day.

Detailed explanation-4: -The RBI’s current currency-issuing system is known as the Minimum Reserve System. It was passed into law in 1956. The RBI is required to retain a minimum reserve of an amount of about Rs 200 crores in foreign currencies, gold coins, and gold bullion under the Minimum Reserve System.

Detailed explanation-5: -RCC Currency Chest room Approx. 2000 Sq. ft. as per RBI guidelines.

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