Step 1: Represent the square and arcs.
We are given a square $ABCD$ with side length $60$ cm.
- Arc $BD$ is drawn with centre at $A$ and radius $AB=60$ cm.
- Arc $AC$ is drawn with centre at $D$ and radius $DC=60$ cm.
A circle of radius $r$ is drawn tangent to side $AB$, tangent to arc $BD$, and tangent to arc $AC$.
Let $O$ be the centre of the required circle, and $P, Q$ be points of tangency as shown in the diagram.
Step 2: Set up relations.
From the geometry:
- Distance $AO = 60 - r$ (since arc centred at $A$ has radius 60).
- Distance $DO = 60 + r$ (since arc centred at $D$ has radius 60, but circle of radius $r$ is inside).
- Distance $OP = r$.
Also, $\triangle AOQ$ and $\triangle DOQ$ will be right-angled due to tangency.
Step 3: Apply Pythagoras in $\triangle AOQ$.
\[
(OQ)^2 = (AO)^2 - (AQ)^2
\]
But $AQ = r$, $AO = 60 - r$.
So,
\[
(OQ)^2 = (60 - r)^2 - r^2
\]
\[
(OQ)^2 = 3600 - 120r
\]
Step 4: Apply Pythagoras in $\triangle DOQ$.
Here, $DO = 60 + r$, $DQ = 60 - r$.
So,
\[
(OD)^2 = (DQ)^2 + (OQ)^2
\]
\[
(60 + r)^2 = (60 - r)^2 + (3600 - 120r)
\]
Expand:
\[
3600 + 120r + r^2 = 3600 - 120r + r^2 + 3600 - 120r
\]
\[
3600 + 120r + r^2 = 7200 - 240r + r^2
\]
Cancel $r^2$:
\[
3600 + 120r = 7200 - 240r
\]
\[
360r = 3600
\]
\[
r = 10 \; \text{cm}
\]
Step 5: Final Answer.
Thus, the radius of the required circle is:
\[
\boxed{10 \text{ cm}}
\]