The rates, announced by the three Presidency Banks, are not always identical, but seldom, if ever, differ by more than 1 per cent. The Bank of England has no power by law to increase the currency in any other manner.  No more than a working balance (about £500,000) is ordinarily held at the Bank of England, and this has been reckoned for many years now (though not formerly) amongst the “other” deposits, not amongst the “public” deposits.
the function of remitting money. REICHSBANK’S HOLDINGS OF FOREIGN BILLS AND CREDITS WITH FOREIGN CORRESPONDENTS ON LAST DAY OF EACH YEAR. It must also be remembered that the Presidency Banks are to a certain extent Bankers’ Banks, and that the other Indian Banks reckon their balances with the Presidency Banks (included in the private deposits) as part of their cash. ‘Now this is distinctly saying that the other banks of the country need not keep any such banking reserve–any such sum of actual cash–of real sovereigns and bank notes, as will help them through a sudden panic.