Revamping RBI's Currency Management for Future India

The Reserve Bank of India (RBI) is set to modernize its currency management infrastructure, engaging both state-owned and private entities, including prominent firms like Accenture and PwC. This initiative aims to meet future cash needs, enhance efficiency, and ensure security, while contributing to environmental sustainability.

The Reserve Bank of India (RBI) has shortlisted six entities, including state-owned and private firms, for a project that aims to overhaul its currency management infrastructure. This move is designed to meet the challenges of a rapidly growing economy with future cash needs.

Among the contenders are industry giants such as Accenture Solutions and PwC, who are part of the RBI's chosen entities to receive a Request for Proposal for this ambitious project. Earlier, the RBI had invited expressions of interest, receiving responses from eleven entities before narrowing down the selection to six.

The proposed modernization plan includes the development of greenfield currency management centers, implementing warehouse automation, and installing advanced security systems. The goal is not only to enhance operational efficiency but also to contribute to environmental sustainability, reflecting global efforts observed in countries like Austria, the USA, and Japan.

(With inputs from agencies.)