Penalties for Bank Branches
The Reserve Bank of India has introduced a scheme of penalties for bank branches based on their performance in rendering customer service to the public.
The penalties are categorized into two types based on the denomination of notes:
For notes in denomination up to ₹ 50: [Penalty amount]
For notes in denomination of ₹ 100 & above: [Penalty amount]
Operational Guidelines
The competent authority will decide the nature of irregularity and impose penalties accordingly.
An appellate authority has been established to hear appeals within one month from the date of debit.
Chat with the Master Circular: