Armed Security for Cash Logistics
The Cash Logistics Industry deals with the physical movement and storage of currency notes and other valuables on behalf of the banks.
This sector employs about 40,000 individuals and caters to approximately 80,000 ATMs for cash replenishment services. There are about 6,000 cash vans that operate across the country and carry approximately INR 15,000 crores of cash every day. This Industry also holds approximately 4,000 crores of cash overnight in their vaults on behalf of the banks. Currently there are seven companies which account for 95% share of the market in this Industry.
The services offered by this Industry to the banking sector include:
- Secured cash transportation from Currency Chest to bank branches
- ATM replenishment
- First line maintenance of ATMs
- Door step banking solutions – Cash / Instruments pickup and delivery
- Movement of bullion and coins
- Cash processing including counterfeit verification, counting, sorting and packaging
- Overnight vaulting of cash and bullion
The Private Security Industry (PSI) is closely associated with this Industry as some of them operate in this segment, while others provide Armed Guards to this Industry.