Expected to Increase Efficiency of Currency Management for YES BANK
YES BANK, India’s fifth largest private sector bank, launched its first Currency Chest and Small Coin Depot in Mumbai today. The Currency Chest and Small Coin Depot was inaugurated by Dr. (Smt.) Deepali Pant Joshi, Executive Director, Reserve Bank of India, Mr. Pralay Mondal, Senior Group President Retail and Business Banking, YES BANK and Mr. P. Kumar, Chief Operating Officer, YES BANK .
Opening of Currency Chest at this key location is an important initiative in YES BANK’s support to Reserve Bank of India’s endeavor to increase the efficiency of currency management in the banking system and ensuring adequate supply of clean and genuine notes and coins.
YES BANK has a world-class network of more than 750 branches and 1400 ATMs across the country, along with 2 national operating centers in Delhi and Mumbai, single largest national centralized operations management and services delivery facility in Chennai, and has recently opened its first representative office in Abu Dhabi, UAE.
Speaking at the launch, Dr. (Smt.) Deepali Pant Joshi said, “I am really happy that YES BANK has taken the initiative of launching its first Currency Chest today at the Chembur branch. A currency chest is an institutional arrangement for distribution of currency. The currency chest is a storehouse where the currency notes and coins are kept on behalf of the RBI. The currency chests will supply and distribute adequate quantity of currency to the YES BANK branches which in turn will supply these to the members of the public, while ensuring the quality of bank notes in circulation, through continuous supply of clean notes and timely withdrawal of soiled notes. Thus, in a sense, while performing this function, YES BANK is partnering with RBI. YES BANK is a young bank, though, in the last eleven years YES BANK has built a strong brand through its customer-centric approach. I wish the bank all success, and I am certain that it will serve its customers better through the dispensation of this new Currency Chest.”
Mr. Rana Kapoor, MD & CEO, YES BANK said, “Launch of Currency Chest is an important organisational milestone. It is an important step in increasing efficiency of currency management for YES BANK and will result in ensuring availability of clean and genuine notes and coins for our valued customers.”
YES BANK has also established more than 110 cash deposit machines across the country which is a self-service kiosk that enables deposit of cash directly into a YES BANK account. YES BANK has in the past also conducted several workshops on financial literacy, identification of fake currency, coin melas and personal finance for its customers.
YES BANK Launches its First Currency Chest in Mumbai