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RBI Currency Management Modernisation: Shortlisted Firms

17 March 20251 min read
BANKING & FINANCERBI CurrencyManagementModernisation:Shortlisted Firms17 March 2025safalsetu.com

Why in the news

RBI is upgrading how it stores and handles banknotes and coins, and has narrowed down the firms that may help.

Key facts

  • Better storage and handling for growing note and coin volumes.
  • Warehouse automation and inventory systems.
  • Stronger security and a nationwide command centre.
  • Growth in Notes in Circulation (NIC) has slowed, yet cash use should still rise.
  • US, Japan, Germany and Malaysia have undertaken similar upgrades.

Shortlisted entities (6 of 11 EoIs)

Boston Consulting Group (India), PricewaterhouseCoopers, Colliers International (India) Property Services, Accenture Solutions, MECON and Engineers India Limited (EIL) move to the RFP stage.

Exam angle

  • Abbreviations: NIC, EoI, RFP.

Test yourself

1. How many Expressions of Interest did RBI receive for its currency management modernisation project?

RBI got 11 EoIs and shortlisted six.

2. In RBI's currency management project, what does NIC stand for?

NIC means Notes in Circulation.

3. Which firm is among those shortlisted by RBI for the currency management project?

MECON was in the shortlist of six entities.

This topic is part of Daily Current Affairs 16 & 17 March 2025 (23 topics).

All topics of the dayDay quizMarch 2025

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