Central Banking

RBI gets new note verification system

INDIA - Counterfeiters of currency may face a tough time now. The public can look forward to fewer soiled notes in circulation. An advanced Currency Verification and Processing System (CVPS) has been inaugurated at the Reserve Bank of India, Bangalore, by Vepa Kamesam, Deputy Governor, RBI.

The CVPS consists of three advanced machines imported from Germany. Each machine can process about 60,000 pieces of currency notes an hour for sorting the notes, identify forged notes, and destroy non-issua