In order to address a temporary cash shortage in the state of Andhra Pradesh, RBI as per their currency management policy authorised transfer of Rs.570 crores from currency chest at State Bank of India, Coimbatore Main Branch to SBI Special Currency Administration Branch Visakhapatnam.
As per RBI instructions our Coimbatore Main branch released the treasure to the authorised SBI personnel duly escorted by a team of Police personnel from AP said the statement from SBI.
The convoy carrying the treasure was stopped enroute and brought to Tiruppur Collectorate for further scrutiny.
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SBI authorities at Chennai, Coimbatore and and Tirupur are providing all support and clarifications to the authorities and are hopeful of quick resolution and release of treasure.
"We reiterate once again this movement of currency is duly authorised by Reserve Bank of India and has all necessary approvals. The movement is in line with RBI's Currency Management policy of moving cash from one currency chest to other where cash is needed," said SBI in the statement.