PSU Firms EIL, MECON with four others in line for RBI's currency management project
RBI requested an expression of interest (EoI) for "Procurement of Consultancy and Project Management Services for Modernisation of Currency Management Infrastructure in India".
PSU Firms EIL, MECON with four others in line for RBI currency management project
Public sector organizations like Engineers India and MECON, along with four private companies, are vying for the project to overhaul the Reserve Bank of India's (RBI) currency management framework to meet the cash demands of India's rapidly expanding economy.
The private companies in the running include Accenture Solutions, Colliers International (India) Property Services, PricewaterhouseCoopers, and The Boston Consulting Group (India).
Recently, the RBI issued an Expression of Interest (EoI) for the "Procurement of Consultancy and Project Management Services for the Modernization of Currency Management Infrastructure in India." Eleven organizations have responded to this invitation.
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According to the official communication, six entities have been shortlisted to receive a request for proposal (RFP). The EoI document outlines the RBI's plan to establish new currency management centers, implement warehouse automation, install security and surveillance systems, set up an inventory management system, and create a centralized command center.
The RBI noted in the EoI that many central banks and monetary authorities have been facing challenges due to the increased volume of banknotes being printed, circulated, collected, and processed, in addition to the rising costs and security risks associated with these processes.
In response, several central banks/monetary authorities have taken proactive steps by modernizing their currency management systems, re-engineering processes, and establishing dedicated facilities for handling banknotes.
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