LUCKNOW: To ensure better management of currency notes, the country’s first currency administrative branch of the State Bank of India has come up here in Lucknow. Called “Cash Factory”, it will house the currency chest of the Reserve Bank of India. The licence for the cash factory has been issued by the RBI.
According to the Chief General Manager of SBI’s Lucknow Circle, Shiv Kumar, the new concept of “cash factory” had been introduced for better management of currency notes through centralisation of functions.
The cash factory will function as the nodal point for issuing currency notes to all local branches of the State Bank as well as the ATMs. Mr. Kumar said the cash factory would encourage savings now that the use of “plastic money” like credit and debit cards has become quite popular.
Six note sorting machines will be installed in the “cash factory”. The notes sorted out by the machines will be of four varieties. The first variety of the best and crisp currency notes would be fed into the ATMs. The second variety will be meant for customer transactions in the bank’s branches. The third variety known as “non-issuable” will be returned to the RBI. The fourth variety will be subjected to further manual scrutiny.The second “cash factory” will be opened in Kanpur.