The Reserve Bank of India (RBI) has decided to set up an Automated Banknote Processing Centre (ABPC) in Jaipur for the 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. 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.
About RBI Banknotes:
- RBI is the sole issuer of banknotes of the country and responsible for the management of currency and all its aspects.
- RBI is supplied with banknotes from four printing presses and coins from four mints.
- The new banknotes and coins are received at 19 issue offices of the bank located across the country from where these are further distributed to about 3,300 CCs operated by scheduled banks under an agency agreement with the RBI.
- The CCs act as storehouses and the currency stored there is distributed to various bank branches/ATM network for distribution to the public.
- The unfit notes withdrawn from circulation are verified through a Currency Verification and Processing System (CVPS) and destroyed by shredding.
Important takeaways for all competitive exams:
- RBI 25th Governor: Shaktikant Das; Headquarters: Mumbai; Founded: 1 April 1935, Kolkata.