ATMs with in-built note detectors soon.....Wow
The Group was set up in August 2008 after the detection of 76,273 pieces of counterfeit notes (in Rs 500 and Rs 1,000 denomination) aggregating to Rs 4.02 crore in July 2008 from the currency chest attached to the Dumariaganj (Uttar Pradesh) branch of the State Bank of India.
The absolute number of counterfeit notes detected at bank branches and the RBI offices has increased from 1,02,687 pieces or 3 per million in 2000-01 to 3,98,111 pieces or 8 per million in 2008-09.
Given that the present system used by cash in transit (CIT) companies for replenishing cash in the ATMs leaves some scope for counterfeit notes gaining entry into ATMs, the Group recommended that “In order to reduce the incidence of forged notes at ATMs, banks may ensure the quality of the notes fed in ATMs by CIT companies. Banks may switch over to the ‘cassette swap system’ for feeding ATMs as it minimises manual intervention and is a more secure option.”
Note sorting machinesThe Group is of the view that banks should install note sorting machines (NSMs) in all branches in a phased manner. All branches with average daily cash receipt of Rs 1 crore and above, and more than Rs 50 lakh may be equipped with NSMs by March 2010 and March 2011 respectively. Banks should provide the RBI a roadmap for equipping the remaining branches with NSMs.
To rationalise the current number (4,299) and spread of currency chests across the country, the Group recommended that Regional Directors of RBI may in consultation with a cross section of banks assess the level of activity of the chests and recommend rationalisation of chests.
To tap advantages arising out of economies of scale, minimise overnight cash risks at bank branches and benefit from sophisticated logistic techniques, banks may be encouraged to establish currency processing centres (CPCs) at convenient locations.
The CPC should be equipped with high-speed sorting capacity and provide services to all its linked branches in such a way that cash collections at each of the serviced branches is received by the CPC on a daily basis and there is no overnight cash balance in that branch.
To make CPCs viable, and also to take advantage of the built-up capacity, the Group suggested that CPCs should be permitted to serve the branches of other banks which are not equipped with NSMs. The CPCs could also render services to others such as merchant establishments, petrol pumps, etc, which handle large volumes of cash. CPCs should be permitted to charge for the services to other banks.
To tackle eventualities such as thefts/ robberies of treasure at bank branches/ during transit, the Group said, the RBI may explore the possibility of introducing the technology that enables self-inking/ marking of all bank notes in transit or in chests which would automatically trigger-in if there is an attack/ attempted robbery etc.
Elaborating on the action to be taken by citizens who come in possession of counterfeit note without knowledge of it being counterfeit, the Group said when any person inadvertently in possession of fake notes up to five pieces tenders the same at a bank counter, banks should impound such notes and provide acknowledgment to the tenderer as per current guidelines. Further, banks need not file a first information report in such cases. However, they should obtain approved ID documents of the tenderer.
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