Proper handling of currency must: RBI

Visakhapatnam, Nov 25: The Reserve Bank of India (RBI) was educating people, banks and cash handling public utilites on proper handling of currency notes, a top official today said.

Speaking after a district-level meeting on currency management, RBI General Manager M Sanjaya said proper handling of notes would help the Apex Bank cut printing cost which accounted for nearly 90 per cent of its total expenditure.

He said India could not afford superior quality notes due to huge demand and the resultant high printing cost. However, there was no shortage of currency notes and banks were capable of meeting the demand.

Mr Sanjaya said commercial, regional rural and cooperative banks which had cash chests had been instructed to extend the facility to non-chest bank branches to pave the way for depositing surplus cash thereby restricting movement of currency beyond a distance of 40 kms.

UNI