Penalty Scheme for Bank Branches
The Reserve Bank of India has introduced a penalty scheme for bank branches based on their performance in providing customer service to the public.
The scheme outlines penalties for various irregularities, including:
Sr. No. Nature of Irregularity Penalty
Penalties vary depending on the denomination of notes:
Notes up to ₹ 50 and Notes of ₹ 100 & above
Operational Guidelines:
3.1 Competent Authority: decides the nature of irregularity
3.2 Appellate Authority: appeals can be made within one month from the date of debit
Chat with the Master Circular: