Business Standard

Biz of moving currency booming, with new revenue streams set to open up

Millions of rural Indians now have debit cards, yet lack access to ATMs. Such drivers are expected to contribute to the growth of ATMs in the rural regions

cash withdrawal, cash, atm, CIT
Premium

Raghu Mohan
“If Danny Ocean were to try a stunt here, we would be able to handle it,” quips Suneel Aiyer, chief executive officer (CEO) of Writer Safeguard, a company that moves cash between banks, retail outlets and consumers, or what is known in the industry as a cash-in-transit (CIT) firm. The reference to the character played by George Clooney in Ocean’s Eleven, the 2001 film about an elaborate casino heist, is to call attention to the huge sums of cash ferried by CITs on a daily basis, ranging between Rs 20,000 crore and Rs 23,000 crore. At the lower end of

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Apr 23 2023 | 5:43 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com