What changed
In 2005, RBI announced the Integrated Computerized Currency Operations and Management System (ICCOMS) project, with the Currency Chest Reporting System (CCRS) as its chest module. Banks will receive CCRS software from RBI but must procure specified hardware and system software. The system uses PKI technology with smart cards and digital certificates, and communication will be via SFMS on INFINET or RBI's Secured Website.
What it means for you
Banks maintaining currency chests must invest in hardware like Intel P IV PCs with 512 MB RAM, smart card readers, and tape drives, plus software like Windows 2000 and MS Access. They need to allocate IFSC codes to all chests and link offices. This move aims to streamline currency management, reduce errors, and enable proactive monitoring, but requires upfront IT spending and coordination.
What you must do
- Procure and install the recommended hardware and system software at all currency chests and link offices.
- Arrange smart card readers and digital certificates for PKI-based authentication.
- Ensure connectivity via INFINET or RBI's Secured Website with leased line or dial-up.
- Arrange for allocation of Indian Financial System Codes (IFSC) for all currency chests and link offices.
- Prepare to install the CCRS software from the CD to be provided by RBI.
Who it affects
Banks maintaining currency chests, Link offices of banks, RBI Issue Offices, IT departments of banks
What is ICCOMS and CCRS?
ICCOMS is RBI's Integrated Computerized Currency Operations and Management System. Its currency chest module is called the Currency Chest Reporting System (CCRS), which handles transaction processing and messaging at chests and link offices.
What hardware do banks need for CCRS?
Banks need Intel Pentium IV PCs with 512 MB RAM, 40 GB hard disk, floppy drive, CD drive, network card, smart card reader, tape drive, and connectivity via INFINET or internet. Software includes Windows 2000, Internet Explorer 6, and MS Access.
How will data be communicated?
Data will be exchanged primarily through the Structured Financial Messaging System (SFMS) on INFINET, or alternatively via RBI's Secured Website using internet connectivity.