Facility for Exchange of Notes and Coins
The Reserve Bank of India (RBI) has issued a Master Direction for the facility of exchanging notes and coins at bank branches.
Key Highlights:
The RBI has delegated powers to banks to exchange soiled, mutilated, and imperfect notes, and has liberalized the definition of a soiled note.
For exchange of notes, banks will follow specific procedures for soiled, mutilated, and imperfect notes, with different processes for small and bulk presentations.
There are specific guidelines for notes with “PAY” / “PAID” / “REJECT” stamps, notes with slogans/scribbling/stain, deliberately cut notes, and disposal of notes.
Banks are required to provide training to their staff and display a notice board at their branches regarding the facility.
A grievance redressal mechanism is also in place to address customer complaints.
The Master Direction aims to provide a convenient and efficient facility for exchanging notes and coins at bank branches.
Chat with the Master Direction:
Download: Master Direction – Facility for Exchange of Notes and Coins (Updated as on May 15, 2023)