RBI asks banks to exchange upto 20 soiled notes free of charge

• In an effort to improve customer service, RBI today asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of Rs 5,000 over the counter free of charge
• However, if the number of notes to be exchanged is more than 20, banks can levy service charge
• Where the number of notes presented by a person is up to 20 pieces with a maximum value of Rs 5000 per day, banks should exchange them over the counter, free of charge
• In case notes are presented in bulk where the number exceeds 20 pieces or Rs 5,000 in value per day than banks will accept them, against receipt, for value to be credited later
• The RBI also laid down norms for non-chest branches for exchange of soiled notes.

Where the number of notes presented by a person is up to 5 pieces per day, non-chest branches should normally adjudicate the notes as per the procedure and pay the exchange value over the counter

Important Question for Competitive Exam from this Current Affairs:

RBI asks banks to exchange upto _______ soiled notes free of charge: a)11 b)10 c)20 d)30

source: economics times