Money & Banking

Number of fakenotes on the rise

Our Bureau Mumbai | Updated on January 23, 2018 Published on August 27, 2015

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Indian banks have been lax in detecting counterfeit notes in FY15 vis-a-vis FY14 according to data from the RBI annual report.

Number of counterfeit notes detected grew from over 4.88 lakh in FY14 to over 5.64 lakhs in FY15 (see table). However banks were able to detect only 95.6 per cent of these notes (over 5.68 lakh) in FY15 as against 95.9 per cent (over 4.68 lakh) in FY14. RBI’s share in detection went up from 4.1 per cent in FY14 to 4.4 per cent in FY15.

Published on August 27, 2015
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