Penalties for Bank Branches and Currency Chests
The Reserve Bank of India has introduced a scheme of penalties for bank branches and currency chests based on their performance in rendering customer service to the public.
The penalties are categorized into two types based on the denomination of notes:
- Notes up to ₹ 50: Specific penalties apply for irregularities related to these notes.
- Notes of ₹ 100 & above: Separate penalties apply for irregularities related to these notes.
Operational Guidelines:
A Competent Authority will decide the nature of irregularity and impose penalties.
An Appellate Authority will handle appeals against penalties, which must be filed within one month from the date of debit.
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