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The Master Circular RBI

Details regarding Banking Guidelines of India

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Shakeer Malik
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22 views1 page

The Master Circular RBI

Details regarding Banking Guidelines of India

Uploaded by

Shakeer Malik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The Master Circular RBI/2018-19/3 DCM (NE) No.G-2/08.07.

18/2018-19 dated 02 July 2018 clearly


instructs that “All the branches of banks in all parts of the country are mandated to provide the
Facility for Exchanging soiled / mutilated / defective notes, more actively and vigorously to the
members of public so that there is no need for them to approach the RBI Regional Offices for this
purpose”. Also all the procedures for exchanging the Currency Notes are clearly laid down in the
aforesaid Circular. Accordingly, I went to the Pushpanjali Market Branch of the SBI to avail the
Facility. Initially the Cashier refused to provide the Facility and asked me to go to the other Branch.
Though later they agreed to provide the Facilty, when they were made aware with the fact of Non-
Compliance of the RBI Norms by them.

Later however, without paying heed to the points mentioned in the Circular, the Branch Manager
“Blatantly” rejected the exchange Notes, just on the basis that they are simply ‘Wet’ (Notes were
not Wet but only few were Moist due to the obvious reason of the Humid Monsoons) and thereby
depriving me with the Facility of Exchanging soiled / mutilated/defective notes as mandated by the
RBI.

All of these Notes have neither turned extremely brittle nor are badly burnt; neither it is charred
nor inseparably stuck up together and, therefore, can withstand Normal Handling, hence shall be
accepted by the bank branch for exchange. (Point 5 of the above Circular clearly specify Cases in
which Branch can deny the Exchange Facility).

It is my sincere request to the Regional Officer of the State Bank of India under whose Control does
this Branch comes, to take stern action against the Pushpanjali Market Branch and the Branch
Manager for Flouting the norms set by the Reserve Bank of India. The above incident has caused
me a serious Mental and Physical Harassment. Also such incidents leads to a feeling of distrust and
dissatisfaction with the services of the India’s Largest Bank in term of all the Banking Parameters.

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