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Reserve Bank of India RBI/2021-22/03 DCM (CC) No.G-3/03.44.01/2021-22 April 01, 2021 The Chairman/Managing Director/Chief Executive Officer All Banks Master Circular Scheme of Penalties for bank branches including Currency Chests based on performance in rendering customer service to t
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FAQ :
The scheme has been formulated to ensure that all bank branches provide better customer service to the public regarding the exchange of notes and coins, in keeping with the objectives of the Clean Note Policy.
For notes up to ₹50, the penalty is ₹50 per piece plus the loss. For notes of ₹100 and above, the penalty is equal to the value of the denomination per piece plus the loss. The amount of shortage will be recovered immediately upon detection.
Penalties for counterfeit notes detected by the RBI from soiled note remittances of banks and in currency chest balances shall be levied as per instructions issued by DCM (FNVD) on April 01, 2021.
The penalty is ₹50 per piece, irrespective of the denomination. The amount of loss will be recovered immediately upon detection.
For irregularities such as non-functioning CCTV, improper storage of cash/documents, or non-utilisation of note sorting machines, the penalty is ₹5000 for each irregularity. This can be enhanced to ₹10,000 for repetition.
Yes, appeals can be made by the Controlling Office of the currency chest/branch to the Regional Director/Chief General Manager/Officer-in-Charge of the Regional Office concerned within one month from the date of debit. However, appeals based on grounds like staff being new/untrained or lack of awareness will not be considered.
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Notification No : RBI/2021-22/03 DCM (CC) No.G-3/03.44.01/2021-22Published in Community & General
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12054&Mode=0