All the public and private sector banks on Thursday transported currency notes in cash vans fitted with GPS tracking devices and CCTV cameras having 15-day backup footage to track activities of their crew in the national Capital.
The private security agencies hired by the banks have started following the standard operating procedure(SOP) for safe transportation of cash in Delhi. The new safety measures are being taken by the private agencies in wake of a spurt of attacks on cash vans and vaults, ATM frauds and other internal misappropriation done by the employees. It is understood that no cash loading of ATMs or cash movement should be done after 9 pm in urban areas and after 6 pm in rural areas. Use of taxi/hired vehicles is normally prohibited.
The cash vans have also been equipped with the latest distress alarm gadgets. The Union Government has told the licensed private security agencies to ensure their cash vans do not carry more than Rs 5 crore per trip in Metros. These vans can carry a maximum of Rs 10 crore per trip only after additional deployment of security guards.
For each cash van, the Government has made it mandatory to have one driver, two armed security guards and two ATM officers.
The agencies employing people for cash van service have to get their police clearance certificate, residence verification and proper check of their previous employer, Aadhar database and credit history.
According to the Ministry of Home Affairs, cash van should have two independent compartments.
Reports suggest that over 8,000 privately owned cash vans are plying across the country. These vans, operated by non-bank private agencies, act as service providers for banking sector. These agencies are reportedly carrying over Rs 15,000 crore each day on behalf of these banks. They are also holding over Rs 5,000 crore overnight on behalf of banks at their private cash vaults.
The Government has also made it clear that only those agencies which are licensed under the Private Security Agencies Regulation Act (2005) will be eligible to operate cash van services for the banking sector. A senior officer said all cash transportation and ATM cash replenishment activities can be carried out in secured vans owned by the licensed private security agencies. For the transportation of cash, the vans have to be light Motor Vehicles or of any similar make.
The compartment for storing cash has to be physically separated and locked from the passenger compartment.. Also, the cash compartment has to be inaccessible from outside the van unless it is operated internally through electronic lock.
The Government has told the banks that for replenishment of cash in ATMs, cash transportation agencies should collect the currency notes from the bank in first half of the day. In naxal affected districts, cash van can conduct operations only between 9 am and 4 pm.
"Private owned cash vans and currency vaults have become soft targets for miscreants and multiple incidents have been reported by various state police departments. The risk of large volumes of cash falling into the hands of undesirable elements is ever increasing," the report said.