A SBI customer today complained on social media that the bank’s branch in Darbhanga, Bihar refused to exchange a mutilated Rs 500 note. Tagging SBI and RBI along with the photo of the torn note, the customer asked whether his Rs 500 note was valid or not.
“Hey @RBI @TheOfficialSBI is it valid or not, because bank is not ready to exchange it. They are just arguing with me. So what should I do now?,” the SBI customer wrote on X platform (formerly Twitter).
SBI’s X handle responded to the customer, asking him to register a complain on the SBI portal.
“We regret the inconvenience caused. Please register a complaint in this regard at this link https://crcf.sbi.co.in/ccf under Personal Segment/Individual Customer//General Banking>>Cash Related>>Non-exchange of soiled/mutilated notes and mention brief details of the issue in the last column,” SBI replied.
“Upon successful registration of the complaint you will receive a complaint no. on your registered mobile no./email id and the complaint will be dealt within the TAT mentioned therein,” the bank added.
What RBI says on mutilated notes
RBI’s Master Circular dated 2nd July 2018, mandated banks to “more actively and vigorusly” provide services such as issueing fresh/good quality notes and exchanging soild/mutilated/defective notes.
The Circular also said that small finance banks may exchange mutilated and defective notes at their option.
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What is a soiled note?
The RBI circular expanded the definition of the soiled note to include a note “which has become dirty due to normal wear and tear and also includes a two piece note pasted together wherein both the pieces presented belong to the same note and form the entire note with no essential feature missing.”
The RBI said that such soiled notes should be accepted over bank counters in payment of Government dues and for credit to accounts of the public maintained with banks.
What is a mutilated note?
As per the RBI circular, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces.
“Mutilated notes may be presented at any of the bank branches. The notes so presented shall be accepted, exchanged and adjudicated in accordance with Reserve Bank of India (Note Refund) Rules, 2009,” the RBI said.