Banking Exam Question - What is Currency Chest? What are the Role of NRB to Management of Currency Chest in Nepal? Explain

Introduction - Currency Chest

Currency chests are select branches of scheduled banks, which are authorized by the NRB to facilitate distribution of notes and coins. In these branches, notes and coins are stocked on behalf of the NRB. These currency chests are expected to distribute notes and coins to other bank branches in their area of operation.

Currency chest is the place where currency is stored. It is  the purpose of cash management, identified the institutional framework of Currency Chest with the banks. These chests act as the distribution of NRB cash and enables NRB to take back soiled notes and mutilated notes from the public.

Nepal Rastra Bank, especially the banks of the country or government trades, will be paid to the citizen's hand. And National Commerce Bank) through the operating system of the note fund. BANKs within fixed area of ​​any district or district are specified as a bank conducting a note fund that can be received or enrolled. Nepal Rastra Bank has issued Note Fund Operations Directory 2067 for this purpose.