All that you should know about Cash Management Cash Management refers to the process of collection, counting & counterfeit detection, reconciling, safe transit, deposit of cash. In a developing economy like India, most sectors such as Banking, Retail and Petroleum are cash intensive. Despite the stupendous surge in digital payments in past few years, cash usage has been increasing in absolute terms in India. According to recent data released by the Reserve Bank of India, the currency with the public has risen to Rs 29.90 lakh crore as on June 11, 2021. Additionally, according to the annual report released by RBI, the value and volume of banknotes in circulation has increased by 16.8 per cent and 7.2 per cent, respectively, during 2020-21. Factors like convenience of making cash payments and the satisfaction of holding currency are the possible reasons behind this. For cash-intensive sectors, streamlining their day-to-day cash handling processes and reconciliation is of utmost importance. However, it is also a tedious and time-consuming process. Therefore, big retailers, banks, ATMs, fuel retail outlets, temples etc., often collaborate with cash management companies who specialise in safe collection, transit & deposit of the cash or even high-net valuables. AGS Transact Technologies offers one of the best-in-class Cash Management Solutions through its wholly owned subsidiary Securevalue India which is also the country’s fastest growing Cashin-Transit companies:
Cash-in-Transit Cash-in-transit involves the physical movement of currency notes, coins, and other valuables from bank vaults and other cash intensive institutions such as ATMs, Retail Outlets, Fuel Stations, etc. The physical transit of cash and valuables is done through secured vehicles that are insured and monitored. Cash management companies collect, process and deposit cash at the designated location i.e. banks, vaults or customers’ office.
ATM Service