Framework of Incentives for Currency Distribution & Exchange Scheme
The Reserve Bank of India has introduced a framework of incentives for bank branches, including currency chests, based on their performance in providing customer service to the public.
The incentives are categorized into two parts: Capital Cost and Revenue Cost.
Capital Cost: This includes incentives for the exchange of soiled notes and adjudication of mutilated notes.
Revenue Cost: This includes incentives for other revenue-related costs.
The framework also outlines other operational instructions for the payment of performance-based incentives.
The incentives aim to encourage bank branches to provide better customer service to the public, particularly in the areas of currency distribution and exchange.
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