RBI shortlists firms for currency management modernization project

The Reserve Bank of India (RBI) has shortlisted six firms, including state-owned Engineers India and MECON, for a project to modernize its currency management infrastructure. This initiative aims to improve storage, automation, security, and efficiency. The project follows an expression of interest from 11 entities, with four private firms also selected: Accenture Solutions, Colliers International, PricewaterhouseCoopers, and The Boston Consulting Group. The RBI plans to create new currency management centers and enhance existing systems. This modernization effort addresses challenges faced by central banks globally, such as rising costs and security risks. The RBI aims to ensure sustainable currency management to support India's growing economy.