Master Circular on Customer Service Performance
The Reserve Bank of India has introduced a scheme to incentivize and penalize bank branches, including currency chests, based on their performance in rendering customer service to the public.
Incentives:
The scheme offers incentives for excellent customer service in areas such as:
- Capital Cost
- Revenue Cost
- Exchange of soiled notes
- Adjudication of mutilated notes
Penalties:
Penalties will be levied for irregularities, including:
- Shortages of 100 pieces and above per remittance
- Mutilated notes of 100 pieces and above per remittance
In both cases, the penalty will be debited immediately and may be levied cumulatively upon reaching a limit of 100 pieces. The nature of the irregularity will be decided within one month from the date of debit.
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