This is with reference to RBI’s Monetary Policy Statement for 2013-14-Distribution of Banknotes and Coins – Alternative Avenues
As per Para 110 of the Monetary Policy Statement 2013-14 it was stated that “With a view to effectively meeting the growing demand for banknotes and coins in the country, there is a need for identification of alternative avenues for their distribution by banks. For this purpose, banks may explore the possibility of offering these services through Business Correspondents (BC) and consider engaging the services of Cash in Transit (CIT) entities for the purpose of distribution of banknotes and coins, thereby addressing the last mile connectivity issues.”
Vide RBI circular No DCM (Plg) No. G 12/10.65.03/2013-14 dated September 10, 2013 Banks were advised to explore the possibility of enlisting the services of BCs for carrying out the various currency management functions.
Now, RBI has advised Banks are to explore the possibility of engaging the services of Cash in Transit (CIT) entities also for the purpose of distribution of banknotes and coins.
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