NBU switches to common contract for cash banking from March 1

The National Bank of Ukraine (NBU) from March 1, 2018 will provide cash banking services to new clients under the common contract for banking servicing and other services, the central bank has reported on its website.

The decision was approved by NBU Board resolution No. 6 dated January 25, 2018 approving amendments to the rules how to carry out cash transactions by banks in Ukraine. The document will be effective from March 1, 2018.

The contract concerns the cash banking services provided to banks in the national currency and cash banking provided to banks' liquidators in the national currency.

Currently, every bank or branch of a bank that has a separate bank code concludes an individual contract with the regional branch of the National Bank where it is served.

The NBU said that after the conclusion of the common contract, banks or branches of the bank that have a separate code will be able to receive the services provided under the contract, without concluding separate contracts with each monetary supply unit in the region or with the central depository.

In addition, the recipients of the services will be able to independently choose the monetary unit in the region or the central depository, where cash services will be provided directly to the bank, as well as its branches or departments.

The resolution of the NBU also provides that the bank or its branch, which joined the terms of the common contract, must ensure the transfer of national currency banknotes to the central depository for research.