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RBI’s New Cash Management Standards to Increase Banks’ Costs
July 18, 2018
Banks in India are raising the concern of higher costs with regard to the central bank RBI’s new norms for cash logistics companies effective from July 6.
Under the new norms, banks are required to appoint service providers only if their net worth is at least Rs. 100 crores. If they have already partnered with service providers that don’t meet these requirements, then they can make the changes by March 2019. Cash logistics companies are also required to equip their vans with tubeless tires, GP, CCTV for the passengers and cash compartments, and an emergency hooter.
Photo credit: Ajay Tallam on VisualHunt.com / CC BY-SA
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