Money & Banking

To improve security, cash-handling firms set up common database of employees

Surabhi | | Updated on: May 13, 2019

Recent cyber attacks on IT firms brought security gaps to light | Photo Credit: sarayut

Cash logistics and management firms have come together under the Currency Cycle Association (CCA) to co-create an online directory of all industry employees to improve operational security and for maintaining compliance in what is seen as a high-risk industry.

Blacklisted employees

At present, an online portal has been set up by these firms under the aegis of the CCA, with details of blacklisted employees.

An effort is now under way to create a comprehensive database of all employees over the next three to four months, including those that are not blacklisted.

“The CCA is working to create a civil network where all employees working in member organisations can be listed. Companies can check the antecedents of these employees,” said Anush Raghavan, Vice President – Cash Management Business, CMS Info Systems and President, CCA.

Cash management and logistics firms are estimated to have 60,000 employees (excluding security guards), and the move is expected to improve safety of operations in what is seen to be a high-risk sector.

Raghavan said the number of blacklisted employees is low at 1,000.

The CCA was set up in October last year as a self-regulatory organisation, with the aim of improving compliance and lower risks.

It is trying to work on industry standards and also coordinates with the Reserve Bank of India and Ministry of Home Affairs.

It represents about a dozen companies representing the cash management industry and about four firms, which are non-cash players, but for related services such as insurance, security, equipment, and OEMs of vehicles.

Independent board

The CCA’s independent board has also been set up. Former RBI Executive Director Uma Shankar Paliwal is the Chief Executive Officer of CCA. Former CEO of Indian Banks’ Association, Mohan Tanksale, and former Director General of Police, Maharashtra, D Sivanandhan, are the new independent members on the board.

Published on May 13, 2019
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