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RBI Releases New Guidelines for Cash Logistics Companies to Enhance Security, Provide More Jobs
October 30, 2018
Cash Logistics Companies have been provided with new norms by the Reserve Bank of India which aim to enhance security and create more jobs in the sector.
The Cash Logistics Association said that the new guidelines will help the companies improve their standard so that they are comparable to their international counterparts and manage public money better. The industry handles 15,000 crores INR worth of cash of the banking sector on a daily basis, sources said.
Earlier in April, the central bank had asked the heads of banks to follow certain standards including appointing only those cash logistics companies that have a net worth of at least 100 crores INR and a fleet size of a minimum 300 vans.
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