Penalties for Bank Branches
The Reserve Bank of India has outlined 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:
- Notes up to ₹50: Penalty details not specified.
- Notes of ₹100 and above: Penalty details not specified.
In cases of shortages or mutilated notes, the penalty may be levied when the cumulative total reaches 100 pieces or more per remittance.
Operational Guidelines
The competent authority will decide the nature of irregularity, and the penalty will be debited immediately.
An appellate authority is available, and appeals can be made within one month from the date of debit.
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