The Reserve Bank of India (RBI)’s decision to engage foreign cash management companies to distribute cash to banks and ATMs throughout India can pose a major national and financial threat, the Central Association of Private Security Industry( CAPSI), the apex organisation of India’s private security companies, has cautioned.
The CAPSI has already written to the PMO, the National Security Advisor (NSA) and the Finance Minister seeking their immediate intervention to analyse the potential national risk created by the arbitrary RBI order. This matter was also brought to the notice of Union Minister Piyush Goyal when he was handling the Finance portfolio. He promised to take the cognisance of the serious matter, the organization said.
“The RBI decision has resulted in the sudden death of more than 5000 medium and small enterprises (MSMEs) servicing banks for the last 20 years. Thousands of ex-servicemen have lost their means of livelihood and are now facing accurate financial crisis. Indian companies running cash management business will not be able to pay balance of EMIs of loans taken to buy cash vans to run their operations. This abrupt decision taken by RBI has created huge crisis,” Kunwar Vikram Singh said.