RBI simplifies norms for banks to open currency chests

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The Reserve Bank today simplified procedure for lenders to open currency chests by doing away with multiple layers of approvals.
For locations at or close to the international borders or insurgency affected areas, it said, banks may approach Regional Offices (ROs) of the RBI for obtaining security clearance.
"In case the place of the proposed location of a currency chest is within 80 kms from the international border and it is not a state capital or a cantonment area, banks may approach Regional Offices (ROs) of the RBI for obtaining security clearance," it said in a notification.
For all other locations, it said banks may construct new chests at any place after informing the regional office concerned.

The RBI said approvals for opening of vaults by public sector banks and private banks will continue to be given by its regional offices.
"All other banks (RRBs, Cooperative banks and foreign banks) may continue to seek approvals for opening of CCs from DCM, CO, Mumbai," RBI said.
The approvals will normally be accorded within 30 days provided the construction conforms to the specifications, it added further.