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In an effort to improve customer service, RBI today asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge.
However, if the number of notes to be exchanged is more than 20, banks can levy service charge. The facility of exchanging mutilated or imperfect notes is available at designated bank branches and also non-chest branches. Also Read: RBI forms working group on financial tech regulatory framework
“Notes presented in small number: Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs 5000 per day, banks should exchange them over the counter, free of charge,” the RBI said while reviewing for exchange of soiled notes by banks. In case notes are presented in bulk (where the number exceeds 20 pieces or Rs 5,000 in value per day), banks will accept them, against receipt, for value to be credited later. In case of bulk exchange, banks can levy service charges.
If the tendered value is above Rs 50,000, banks are expected to take the usual precautions, RBI said. Further, the RBI also laid down norms for non-chest branches for exchange of soiled notes. Where the number of notes presented by a person is up to 5 pieces per day, non-chest branches should normally adjudicate the notes as per the procedure and pay the exchange value over the counter.
RBI asks banks to exchange upto 20 soiled notes free of charge | Latest News & Gossip on Popular Trends at India.com
However, if the number of notes to be exchanged is more than 20, banks can levy service charge. The facility of exchanging mutilated or imperfect notes is available at designated bank branches and also non-chest branches. Also Read: RBI forms working group on financial tech regulatory framework
“Notes presented in small number: Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs 5000 per day, banks should exchange them over the counter, free of charge,” the RBI said while reviewing for exchange of soiled notes by banks. In case notes are presented in bulk (where the number exceeds 20 pieces or Rs 5,000 in value per day), banks will accept them, against receipt, for value to be credited later. In case of bulk exchange, banks can levy service charges.
If the tendered value is above Rs 50,000, banks are expected to take the usual precautions, RBI said. Further, the RBI also laid down norms for non-chest branches for exchange of soiled notes. Where the number of notes presented by a person is up to 5 pieces per day, non-chest branches should normally adjudicate the notes as per the procedure and pay the exchange value over the counter.
RBI asks banks to exchange upto 20 soiled notes free of charge | Latest News & Gossip on Popular Trends at India.com
