RE: [www.keralites.net] Facility to exchange Mutilated Bank notes now available in all bank branches

 

Sir,

Regarding the subject, in my opinion, RBI should provide a mechanism, so that mutilated/soiled/torn currency notes in circulation be withdrawn, when it reaches the respective Banks.

Now-a-days, it is a harrowing experience while withdrawing cash from the Banks to check each & every currency note at the counter itself.  Most of the Banks never accept defective currency notes once you leave the counter.  However, certain Banks accept these notes and replaces the same, without much hesitation.

I have noticed that in spite of all the awareness  campaigns initiated by RBI, while withdraw cash in bulk, so many defective notes will be found in the bundles.  The Banks should segregate the currency notes while bundling the same for circulation, and ensure that only clean notes are issued to the public.

But, sadly to say, no such initiative is taken by the Banks.

Your comments please.

Regards,

Viswanathan Nair

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To:
From: pnair1966@yahoo.com
Date: Fri, 8 Mar 2013 05:23:08 -0800
Subject: [www.keralites.net] Facility to exchange Mutilated Bank notes now available in all bank branches

 

The RBI has directed all banks to facilitate exchange of cut or mutilated bank notes with clean notes at all their branches. 

"The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches including those of co-operative banks and RRBs," RBI said in a notification. Moreover, the central bank has asked banks to provide this facility to all member of the public without discrimination on all working days. 

However, if a bank branch is not able to immediately adjudicate cut or mutilated notes across the counter, it may accept and send such notes to the currency chest to which is it linked, and ensure that the tenderer receives the exchange value within a reasonable time. 

 This is a good move by the RBI as there a numerous such Indian currency notes which are with the general public, and cannot be used. Now with the conversion of the same, it could help many to obtain value of such respective denomination notes. 

Best Regards

Prakash Nair 

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www.keralites.net

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