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Maintain status on currency management, HC tells SBI
 
(Kochi, Dec 03, 2018):The Kerala High Court on Monday ordered that status quo be maintained with respect to the steps taken by the State Bank of India (SBI) for outsourcing its currency administration and cash management in the State.

Justice P.V. Asha passed the interim order on a writ petition filed by State Banks’ Staff Union, Kerala Circle, and four other employees.

According to the petitioners, the cash management in SBI is being done by its own employees recruited through a transparent process by assessing various factors, including qualification, competitiveness, integrity after conducting comprehensive personal verification.

In fact, the important functions of the currency administration cell of the bank included cash sorting, management of soiled currency, management of currency delivery to the branches and collection of money from the branches and management of the currency chest of the bank.


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