banks operating currency chests allowed to operate Chest Guarantee Scheme for Specified Bank Notes

By | November 29, 2016

Chest Guarantee Scheme for Specified Bank Notes (SBNs) – CGSS

RBI/2016-17/162
DCM (Plg) No.1438/10.27.00/2016-17

November 28, 2016

The Chairman / Managing Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks

Dear Sir,

Chest Guarantee Scheme for Specified Bank Notes (SBNs) – CGSS

Please refer to our circular DCM (Plg) No.1430/10.27.00/2016-17 dated November 27, 2016 on the captioned subject.

2. With a view to expand the ambit of the CGSS, it has been decided that banks operating currency chests may be allowed to operate CGSS if they have additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest.

3. Requisite approval for the above will be granted by our Regional Office (RO) concerned, on receipt of request from any bank subject to the terms and conditions as laid down in the above mentioned circular and supervisory convenience.

Yours faithfully,

(P Vijaya Kumar)
Chief General Manager

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