Date:05/08/2005 URL: http://www.thehindubusinessline.com/2005/08/05/stories/2005080502010600.htm

Back RBI asks banks to check balances in currency chests

Our Bureau

Mumbai , Aug. 4

THERE has been a rise in the instances of shortages in the remittances sent by currency chests of banks to Reserve Bank of India, because banks fail to verify the balances periodically, said RBI in a notification.

The balances in currency chest should be verified at least once in two months, as per RBI guidelines.

As the internal quantitative or qualitative checks exercised in the currency chests are insufficient; it contributes to increasing incidents of shortages and misappropriation, the notification said. RBI has, therefore, instructed all banks to issue necessary instructions to the Controlling Offices.