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General Discussion / Did you know: Banks are liable to accept notes in bad shape from customers
« on: August 22, 2020, 03:30:48 AM »
How many times it has happened with you where a person has refused to accept Indian Currency note which is a but bad in shape, specially the ones which are cut in 2 pieces but joined together with tape?
Many times, right? That is because they fear those notes will be further rejected by the next person to whom they will give or maybe the bank where they will deposit those notes.
But, did you know that RBI has very clear guidelines on the acceptance and exchange of such notes and NO BANK can deny you. It is only because local public is not aware of such policies, bank employees are able to take advantage of pubkoc ignorance.
Here are some of the important points from RBI's policy document:
1. Facility for exchange of notes and coins at bank branches
(a)All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices for this purpose:
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes,*
* Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option. And,
(iii) Accepting coins and notes either for transactions or exchange. It will be preferable to accept coins, particularly, in the denominations of ₹ 1 and 2, by weighment. However, accepting coins packed in sachets of 100 each would perhaps be more convenient for the cashiers as well as the customers. Such sachets may be kept at the counters and made available to the customers.
(b) All branches should provide the above facilities to members of public without any discrimination on all working days. The scheme of providing exchange facility by a few select currency chest branches on one of the Sundays in a month will remain unchanged. The names and addresses of such bank branches should be available with the respective banks.
(c) The availability of the above-mentioned facilities at the bank branches should be given wide publicity for information of the public at large.
(d) None of the bank branches should refuse to accept small denomination notes and / or coins tendered at their counters.
The above text is directly picked up from the policy document of RBI. For full document, you may visit RBI website and this link will take you to the document directly.
Many times, right? That is because they fear those notes will be further rejected by the next person to whom they will give or maybe the bank where they will deposit those notes.
But, did you know that RBI has very clear guidelines on the acceptance and exchange of such notes and NO BANK can deny you. It is only because local public is not aware of such policies, bank employees are able to take advantage of pubkoc ignorance.
Here are some of the important points from RBI's policy document:
1. Facility for exchange of notes and coins at bank branches
(a)All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of public so that there is no need for them to approach the RBI Regional Offices for this purpose:
(i) Issuing fresh / good quality notes and coins of all denominations on demand,
(ii) Exchanging soiled / mutilated / defective notes,*
* Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option. And,
(iii) Accepting coins and notes either for transactions or exchange. It will be preferable to accept coins, particularly, in the denominations of ₹ 1 and 2, by weighment. However, accepting coins packed in sachets of 100 each would perhaps be more convenient for the cashiers as well as the customers. Such sachets may be kept at the counters and made available to the customers.
(b) All branches should provide the above facilities to members of public without any discrimination on all working days. The scheme of providing exchange facility by a few select currency chest branches on one of the Sundays in a month will remain unchanged. The names and addresses of such bank branches should be available with the respective banks.
(c) The availability of the above-mentioned facilities at the bank branches should be given wide publicity for information of the public at large.
(d) None of the bank branches should refuse to accept small denomination notes and / or coins tendered at their counters.
The above text is directly picked up from the policy document of RBI. For full document, you may visit RBI website and this link will take you to the document directly.
