Cash Management

RBI plans to revamp currency management infra to cater to future cash needs

The Reserve Bank plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy. The creation of greenfield currency management centres, the introduction of warehouse automation, the installation of security and surveillance systems, an inventory management system, and a centralised command centre are being mooted to modernise the existing infrastructure, according to an RBI document. The expected timeline for the whole project is 4-5 years, according to the expression of interest (EoI) issued by the Reserve Bank of India (RBI) for procurement of consultancy and project management services for the modernisation of currency management infrastructure. "Despite moderation in the growth rate of NIC (Notes In Circulation) in the last three years, analysis indicates that the growth will continue to be positive over the foreseeable future though

Salesforce to buy data protection provider Own Company for $1.9 bn

Salesforce said it expects to achieve accretion on a free cash flow basis starting in the second year following the closing of the deal, which it anticipates to be in the fourth quarter of fiscal 2025

Telangana govt announces assistance of Rs 5cr to flood-hit districts

According to the CMO, the State Government will submit a comprehensive report on flood damages to the Centre

E-surveillance market rises as banks boost security for branches, ATMs

Industry sources say that only around 40% of ATMs and 20% of bank branches are enabled with AI-led e-surveillance

A higher interchange is critical for ATM biz: India1 MD & CEO K Srinivas

The country's largest WLAO, India1, with a tad over 13,000 units, feels it can double deployments by FY28

More than 7 years after demonetisation, ATMs are back in spotlight

Demand for cash has increased as e-commerce, retail firms expand. Cash-on-delivery accounts for more than 60% of e-commerce payments

Radiant Cash Management shares debut with 10% premium over issue price

Shares of Radiant Cash Management Services made its market debut with nearly 10 per cent premium against the issue price of Rs 94. The stock listed at Rs 99.30, registering a gain of 5.63 per cent against the issue price on the BSE. It further jumped 15.37 per cent to Rs 108.45. At the NSE, shares of the company made its debut at Rs 103, higher by 9.57 per cent. The company commanded a market valuation of Rs 1,090.02 crore on the BSE in initial trade. The initial public offer of Radiant Cash Management Services was subscribed just 53 per cent last month. The Rs 388-crore initial share-sale had a price range of Rs 94-99 a share. In the broader market, the BSE benchmark was trading 409.93 points or 0.67 per cent lower at 60,884.27. Radiant Cash Management Services (RCMS) was founded in March 2005. The company's clients include foreign, private, and public sector banks, and the end-user of its services include some of the largest e-commerce companies, retail chains, NBFCs, insuran

Radiant Cash IPO to open on Friday; sets price band at Rs 94-99 per share

Radiant Cash Management Services on Tuesday said it has fixed a price band of Rs 94 to Rs 99 a share for its Rs 388-crore initial public offering. The initial share-sale will open for public subscription during December 23-27, the company said in a statement. The IPO comprises fresh issue of shares worth up to Rs 60 crore and an offer for sale (OFS) of 33,125,000 shares by promoter David Devasahayam and private equity firm Ascent Capital Advisors India. In 2015, Ascent Capital had acquired 37.2 per cent stake in the company. Based on the upper band of the share price, the IPO is expected to fetch Rs 388 crore. Proceeds from the fresh issue component will be used for funding working capital requirements as well as capital expenditure requirements for purchase of specially fabricated armoured vans, the Chennai-based company said. Investors can bid for a minimum of 150 equity shares and in multiples of 150 equity shares thereafter. IIFL Securities Limited, Motilal Oswal Investment

In King Cash's castle: Businesses in disarray, RBI to take a closer look

The CLA has submitted a "confidential update" to the banking regulator, which has also set up an internal committee to monitor developments

Govt relaxes norms for ministries in bid to push public expenditure

Ministries are now permitted to utilise unspent balances from Quarterly Expenditure Plan for 1st and 2nd quarter within a fiscal year under intimation to Budget Division for cash management purposes

CMS Info Systems logs 48% growth in December quarter net at Rs 60 cr

CMS Info is the country's largest cash management company based on number of ATM points and the number of retail pick-up points as well as one of the largest ATM cash management companies worldwide

CMS Info Systems shares settle with over 10% gains in debut trade

At the NSE, it made its debut at Rs 220.20, a premium of 1.94 per cent

CMS Info Systems IPO subscribed 1.95 times on last day of offer

CMS Info Systems had priced its IPO between Rs 205 and Rs 216 per equity share

CMS Info Systems IPO subscribed 1.95 times on last day of offer

The price range of the IPO was at Rs 205-216 per share

Cash management firm CMS Info Systems IPO subscribed 40% on Day 1 of offer

CMS provides cash management services, which include ATM services, and cash delivery and pick-up

Lesson from note ban and pandemic: Keep a month's expense in cash at home

In addition, have an emergency fund equal to three-six months' expense parked in liquid fund, savings account and sweep-in fixed deposits

CMS planning to hire 1,000 employees in next two months as it expands

Leading cash management services provider CMS is planning to hire 1,000 employees in the next two months with salaries upward of Rs 30,000 per month as it expands into service vertical of cash collections for its partner banks, NBFCs and microfinance firms, a company official said. CMS Info Systems (CMS) has signed up for cash and cheque collections with several companies, including, Mahindra Finance, L&T Finance and Hero FinCorp. Anush Raghavan, Senior Vice-President and Head Cash Business Unit of the CMS said that with a network spanning over 115,000 ATMs and retail outlets that spread across 98.3 per cent of districts in India, the company is uniquely positioned as the "backbone of the circulation cycle" of the economy. "While CMS has built out the offering for NBFCs, we are also looking at the cash pickups from the other industries such as travel, education; cheque collections for the insurance industry, apart from doorstep banking service for senior citizens. "CMS is looking

RBI issues cash management bills worth Rs 80,000 cr after good response

The RBI received bids of Rs 3.45 trillion, or more than four times the amount on offer.

Cash usage now at pre-demonetisation levels: CMS Info Systems report

The report stated that industries, such as logistics and jewellery, had seen the biggest increase in usage over the past two years

Private security firms against RBI allowing foreign cash management firms

Private security industry says thousands of ex-servicemen have lost their means of livelihood and are facing an acute financial crisis