Penalty Scheme for Bank Branches
The Reserve Bank of India has introduced a penalty scheme for bank branches based on their performance in rendering customer service to the public.
The scheme outlines penalties for various irregularities, including:
- Shortages of notes in denomination up to ₹50 and ₹100 & above
- Mutilated notes of 100 pieces and above per remittance
Penalties will be levied on a cumulative basis, with a limit of 100 pieces per remittance.
The competent authority will decide the nature of irregularity, and an appellate authority will be available to appeal against the penalty within one month from the date of debit.
The operational guidelines for the levy of penalties are outlined in the circular, ensuring that bank branches are held accountable for their performance in customer service.
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