BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They are managed by different banks on behalf of RBI
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Deposits in Currency Chests are taken into account for calculation of CRR (Cash Reserve Ratio)
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Standard Chartered Bank a Foreign Bank also maintains Currency Chest
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None of the above
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Detailed explanation-1: -What is Currency Chest? A Currency Chest is a depository that belongs to the Reserve Bank Of India (RBI). 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.
Detailed explanation-2: -These are storehouses where banknotes and rupee coins are stocked on behalf of the Reserve Bank for distribution to bank branches in their area of operation. As on March 31, 2021, there were 3054 currency chests.
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: -Issuing of coins is not a function of the Central Bank. Q. The Reserve Bank of India issues notes and coins on behalf of the state banks.