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 crore of cash every day. This Industry also holds approximately 4,000 crore of cash overnight in their vaults on behalf of the banks.
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