Biz of moving currency booming, with new revenue streams set to open up

Millions of rural Indians now have debit cards, yet lack access to ATMs. Such drivers are expected to contribute to the growth of ATMs in the rural regions

Raghu Mohan
cash withdrawal, cash, atm, CIT

“If Danny Ocean were to try a stunt here, we would be able to handle it,” quips Suneel Aiyer, chief executive officer (CEO) of Writer Safeguard, a company that moves cash between banks, retail outlets and consumers, or what is known in the industry as a cash-in-transit (CIT) firm. The reference to the character played by George Clooney in Ocean’s Eleven, the 2001 film about an elaborate casino heist, is to call attention to the huge sums of cash ferried by CITs on a daily basis, ranging between Rs 20,000 crore and Rs 23,000 crore. At the lower end of this figure, it works out to Rs 51.4 trillion a year.
And the new security protocols, as Aiyer — who is also the founder of the Cash Logistics Association, or CLA — notes, “will lead to a structural shift, a transformation in the way the industry operates. It will help in building newer capabilities and open hitherto unexplored opportunities for the industry”.

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First Published: Apr 23 2023 | 5:43 PM IST

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