Hello everyone, I am Dharunanand R, pursuing my MBA second year from Amrita School of Business, Coimbatore. In this blog I am going to share "Cash Logistics"
The cash transportation process takes place in three phases , the first part involves handling of cash from RBI mints and different currency chests of Banks. Here the cash logistics companies are not involved.The second and third parts are where the logistics company come into action, this have the process of cash in transit and cash replenishment services.
The cash transit involves the usage of LMV which has highly secured activity monitoring and with the presence of security guards. These vans are used for circulating cash all over the ATM present in the city. For cash replenishment process it is the duty for bank to hire the required agency to carry out the process. The security modalities are extremely critical since the transportation of money is a high tech affair. The vans are equipped by geo fence technology, which alerts the office if there is any deviation in prescribed route. On a daily basis , these logistics companies transport around 5000- 8000 crores nationwide.
The major operating revenue for the cash transportation companies come from the quality they deliver for cash logistics , hence it is essential for them to periodically review and reiterate their business operations
References:
https://www.primetes.in/news/220/this-is-how-cash-tra-from-printg-press-to-your-pue/
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