IndusInd Bank opens currency chest in Kolkata

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Aiming to expand its current network in the east, IndusInd Bank on Wednesday unveiled its currency chest in Kolkata - its fourth such chest in the country.

"This would enable the bank branches to handle larger volumes of cash," said the bank's head of transaction banking, Ramesh Ganesan said.

The bank said this will help it in executing functions like acceptance of cash from branches, ATM replenishments, arrangement of fresh note remittances and sending soiled notes to Reserve Bank of India, Kolkata.

According to the bank, the chest in Kolkata will enable customers to exchange their notes into those of higher or lower denominations or to obtain fresh notes by replacing soiled ones which may be unfit for re-use.

With this facility in place, it will also be able to work on fine cash balances and manage funds according to requirement.

The bank's first such chest was opened in Thane in June 2012 followed by New Delhi in February 2013 and the third in Chennai in June 2014.

It has plans of setting up a sizeable number of currency chests across the country in the near future.