RBI Update – Master Direction – Facility for Exchange of Notes and Coins

RBI issued Master Direction – Facility for Exchange of Notes and Coins

The following has been stated

Facility for Exchange of Notes and Coins at Bank Branches

 All bank branches in all parts of the country are mandated to provide following customer services, more actively and vigorously to the members of public so that there is no need for them to approach RBI Regional Offices for this purpose:

(i) Issuing fresh / good quality notes and coins of all denominations,

(ii) Exchanging soiled / mutilated / imperfect notes,

and

(iii) Accepting coins and notes either for transactions or exchange.

(b) Banks shall ensure that all their branches provide facility for exchange of notes and coins not only to their customers but also others. Small Finance Banks (up to two years from the commencement of their banking business) and Payment Banks may exchange mutilated and imperfect notes at their option.

(c) Considering that handling coins packed in sachets of 100 pieces each or small value-based sachets would be more convenient for the cashiers as well as the customers, such sachets shall be kept at the counters and made available to the customers.

(d) All branches shall provide the above facilities to members of the public without any discrimination on all working days.

(e) The availability of the above-mentioned facilities at the bank branches shall be given wide publicity for information of the public at large.

(f) None of the bank branches shall refuse to accept small denomination notes and / or coins tendered at their counters. All coins in the denomination of 50 paise, ₹1, ₹2, ₹5, ₹10 and ₹20 of various sizes, themes and design issued from time to time by the Government of India continue to be legal tender.

(g) Uncurrent Coins – The coins of 25 paise and below, issued from time to time have ceased to be legal tender with effect from June 30, 2011 in terms of Gazette Notification No. 2529 dated December 20, 2010 issued by the Government of India.

Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12818&Mode=0