RBI to penalise banks depositing fake notes in its chest

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Posted: Friday, Jul 10, 2009 at 1453 hrs IST
Updated: Friday, Jul 10, 2009 at 1453 hrs IST

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Kanpur: Fed up with rising number of fake currency being deposited with it, the Reserve Bank of India (RBI) has decided to impose penalty on such government banks.

FIRs have been registered against 24 government banks for depositing fake notes in the currency chest of RBI till June this year, according to the information received from the RBI regional office here. The banks against whom FIRs have been lodged include SBI, Punjab National Bank, Bank of Baroda and the Central Bank.

The figure of FIRs lodged against government banks was, however, 54 in 2008.

"From time to time, we direct the banks against counterfeited currency. In fact, we also impart special training to the bank officials for identification of fake notes. Yet the currency chest of RBI is deposited with fake currency from these banks," Regional Director RBI for Uttar Pradesh and Uttarakhand J B Bhoria said.

Bhoria blamed the negligence of bank officials for fake currency being deposited in RBI. He said now the bank has to bear the burnt for its officials' negligence.

The RBI will now impose a penalty on banks which will deposit fake currency in its chest. Also, the RBI will destroy the fake notes meant and deduct the equivalent amount from the bank's account with RBI, he said.

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» RBI to penalise banks depositing fake notes in its chest

Posted by Narayanan on 2009-07-13 08:37:33.180731+05:30
The R B I must take strict action action with the bank. Really it the Bank's duty to deposit the currency in the ATM and to take action to avoid the fake currency in its ATM chest. Instead of this the banks are handing over the job/to fill the ATM chest to the private agencies. RBI must take very stringent action with the bank authorities in this to avoid the fake currency.

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RBI to penalise banks depositing fake notes in its chest

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