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The Reserve Bank of India issued a master circular on the scheme of penalties for bank branches based on the performance in rendering the customer service to the members of the public. The master circular is addressed to the chairman and managing director, CEOs of all banks.
This Scheme of penalties for bank branches, including currency chests, has been formulated to ensure that all bank branches provide better customer service to the members of the public with respect to the exchange of notes and coin, in keeping with the objectives of clean note policy.
The RBI has laid down the penalties to be imposed on banks for deficiencies in exchange of notes and coins/remittances sent to the RBI/operations of currency chests etc.
The table made below specifies the nature of irregularity and the respective penalties on its occurrence.
As per the guidelines by RBI, the competent authority to decide the nature of irregularity shall be the officer in charge of the issue department of the regional office under whose jurisdiction the defaulting currency chest or bank branch is located.
The RBI has given the provision of appealing against the decision of the competent authority. It states that an appeal can be moved by the Controlling Office of the currency or chest branch to the Regional Director or the Chief General Manager or the Officer in charge of the concerned regional office, within one month from the date of debit, who may decide whether the same may be accepted or rejected.
It may be noted that the RBI has been clear on the fact that the appeals for waiver of penalty on the following grounds will not be considered:
Read our article:RBI Issues Master Circular on Lead Bank Scheme
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