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Nodal Officer for Currency Management Operations

Current · Source: Reserve Bank of India · RBI/2009-10/205 · issued 30 Oct 2009 · ~1 min read
Quick answerRBI mandates all banks with currency chests to appoint a General Manager-level Nodal Officer for currency management, ensuring accountability and priority for clean note distribution.
The rule, in the simplest words
How it plays out — a real example

Rahul, a General Manager at a public sector bank in Mumbai, is appointed as the Nodal Officer for currency management. He ensures that the bank uses modern technology and security systems for stocking, processing, and distribution of currency. Rahul is accountable for the bank's currency chest obligations and is the primary point of contact for RBI on all currency management matters.

What changed

RBI now requires banks maintaining currency chests to designate a Nodal Officer at or above General Manager level to oversee currency management. Other banks must appoint a sufficiently senior functionary. Banks must report the officer's details to RBI promptly.

What it means for you

This elevates currency management to a senior leadership priority, ensuring banks focus on modern technology and security for note processing and distribution. It creates a clear accountability line for chest obligations, supporting the availability of genuine and clean notes.

What you must do

Who it affects

All public and private sector banks with currency chests, Banks without currency chests (must appoint a senior functionary), Currency management and operations teams, Senior management (General Managers and above)

❓ Common questions

What is the minimum rank required for the Nodal Officer?

For banks with currency chests, the officer must be at least General Manager level. Other banks must appoint a sufficiently senior functionary.

What details do we need to submit to RBI?

You need to provide the officer's name, office address, landline and mobile numbers, fax number, and email address.

When is the deadline for submission?

The circular asks banks to inform RBI 'at the earliest' without specifying a fixed date. Act promptly to comply.

📜 Read the original circular — full text as issued by RBI
RBI/2009-10/205 DCM (Plg) No. 2701/10.01.03/2009-10 October 30, 2009 The Chairman / Managing Director All Public / Private Sector Banks Dear Sir Appointment of a Nodal Officer by banks in respect of their Currency Management Operations The High Level Group on Currency Management chaired by Smt. Usha Thorat, Deputy Governor, Reserve Bank of India submitted its Report in August 2009. The Group, inter alia, emphasized the importance of using modern technology and security systems for stocking, processing and distribution of currency to ensure adequate availability of genuine and clean notes to the members of public. 2. With a view to ensure that the banks accord due priority to the above objective, it is proposed that all banks maintaining currency chests shall entrust the responsibility of currency management to a functionary not less than the level of General Manager, who will be the nodal point of contact for Reserve Bank of India and will be accountable for the obligations cast upon currency chests by the Reserve Bank of India. Other banks shall also entrust the responsibility to a sufficiently senior functionary. 3. Banks may inform us the names of such Nodal Officers, alongwith his/her office address, contact number (landline as well as mobile number, fax number) e-mail address,etc. at the earliest. 4. Detailed guidelines based on the report of the High Level Group are being issued separately. Yours faithfully (Rashmi Fauzdar) General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/205 · issued 30 Oct 2009. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Identify and appoint a Nodal Officer at General Manager level or above for currency chest operations.
📜 Compliance
  • Submit the officer's name, office address, landline/mobile numbers, fax, and email to RBI at the earliest.
  • Ensure the Nodal Officer is the single point of contact for RBI on all currency management matters.
  • Prepare for detailed guidelines expected from the High Level Group report.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an Operations officer at a bank this circular applies to (All public and private sector banks with currency chests, Banks without currency chests (must appoint a senior functionary), Currency management and operations teams, Senior management (General Managers and above)), your first concrete step on “Nodal Officer for Currency Management Operations” is: “Identify and appoint a Nodal Officer at General Manager level or above for currency chest operations.” (RBI issued this 30 Oct 2009).

  1. Circular: RBI/2009-10/205 -- Nodal Officer for Currency Management Operations
  2. Issued: 30 Oct 2009
  3. Action required: Identify and appoint a Nodal Officer at General Manager level or above for currency chest operations.
  4. Action required: Submit the officer's name, office address, landline/mobile numbers, fax, and email to RBI at the earliest.
  5. Action required: Ensure the Nodal Officer is the single point of contact for RBI on all currency management matters.
  6. Action required: Prepare for detailed guidelines expected from the High Level Group report.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5345&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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