RESERVE BANK OF INDIA (PART - 4)

ISSUER OF CURRENCY

The Reserve Bank is the nation’s sole note issuing authority. Along with the Government of India, RBI are responsible for the design and production and overall management of the nation’s currency, with the goal of ensuring an adequate supply of clean and genuine notes. The Reserve Bank also makes sure there is an adequate supply of coins, produced by the government. In consultation with the government, RBI routinely addresses security issues and target ways to enhance security features to reduce the risk of counterfeiting or forgery.

ü The Department of Currency Management in Mumbai, in cooperation with the Issue Departments in the Reserve Bank’s regional offices, oversees the production and manages the distribution of currency.

ü Currency chests at more than 4,000 bank branches typically commercial banks contain adequate quantity of notes and coins so that currency is accessible to the public in all parts of the country.

ü The Reserve Bank has the authority to issue notes up to value of Rupees Ten Thousand.

Four printing presses actively print notes: Dewas in Madhya Pradesh, Nasik in Maharashtra, Mysore in

Karnataka, and Salboni in West Bengal.

The presses in Madhya Pradesh and Maharashtra are owned by the Security Printing and Minting Corporation of India (SPMCIL), a wholly owned company of the Government of India. The presses in Karnataka and West Bengal are set up by Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL), a wholly owned subsidiary of the Reserve Bank.

Coins are minted by the Government of India. RBI is the agent of the Government for distribution, issue and handling of coins. Four mints are in operation: Mumbai, Noida in Uttar Pradesh, Kolkata, and Hyderabad.

To be Continued.........