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:
- Notes in denomination up to ₹ 50: Penalty applicable
- Notes in denomination of ₹ 100 & above: Penalty applicable
- Shortages of 100 pieces and above per remittance: Debit immediately and penalty levied on reaching a cumulative limit of 100 pieces
- Mutilated notes of 100 pieces and above per remittance: Debit immediately and penalty levied on reaching a cumulative limit of 100 pieces
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.
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