Money & Banking

All bank branches to exchange damaged notes: RBI

Our Bureau Mumbai | Updated on November 20, 2017

The Reserve Bank of India on Tuesday asked banks to make available the facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, at all bank branches (including those of co-operative banks and regional rural banks).

This facility should be provided to all members of public without discrimination on all working days.

In case a branch, for any reason, is not able to immediately adjudicate the cut/mutilated notes across the counter, it may accept and send such notes to the currency chest to which it is linked for adjudication, and in any case ensure that the tenderer receives the exchange within a reasonable time, say a fortnight.

Published on March 05, 2013

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