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
- Identify and appoint a Nodal Officer at General Manager level or above for currency chest operations.
- 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.
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)
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.