Highlights of Reserve Bank of India Master Circular - Scheme of Penalties for bank branches based on performance in rendering customer service to the members of public
Reserve Bank of India on 1st
July 2019, placed the ‘Master Circular – Scheme of Penalties for bank branches
based on performance in rendering customer service to the members of public’,
on its website.
This Master Circular is addressed to :
The
Chairman & Managing Director, Chief Executive Officers of ‘All Banks’.
This Master Circular is revised and
updated version of it’s earlier circular : DCM (CC) No.G-4/03.44.01/2018-19
dated July 3, 2018 on the scheme of penalties.
This Master Circular covers the ‘Scheme of Penalties for bank branches
including currency chests has been formulated in order to ensure that all bank
branches provide better customer service to members of public with regard to
exchange of notes and coins, in keeping with the objectives of Clean Note
Policy’.
Operational Guidelines on levy of penalties
–
The Competent Authority to decide the
nature of irregularity will be the Officer-in-Charge of the Issue Department of
the Regional Office under whose jurisdiction the defaulting currency chest/bank
branch is located.
The Appellate Authority for appeal against the decision of the Competent
Authority may be made by the Controlling Office of the currency chest/branch to
the Regional Director/Chief General Manager/Officer-in-Charge of the Regional
Office concerned, within one month from the date of debit, who may decide
whether the same can be accepted/ rejected.
Reserve Bank of India has made it clear
that appeals for waiver of penalty made on grounds such as : -
·
staff
being new/untrained,
·
lack
of awareness of staff,
·
corrective
action having been taken/will be taken,
·
etc.
will not be considered.
Sample:
Nature of Irregularity - Shortages in soiled note remittances and currency
chest balances
Penalty:
-
·
For
notes in denomination up to ₹ 50 - ₹ 50/- per piece in addition to the loss
·
For
notes in denomination of ₹ 100 & above - Equal to the value of the
denomination per piece in addition to the loss.
·
In
case of shortage in soiled note remittances/chest balances, the amount of
shortage/loss thereof will be recovered immediately
·
Penalty
will be levied immediately on detection of shortage in soiled note
remittances/chest balances, irrespective of the number of pieces detected.
For
other penalties, please refer to the complete circular at Reserve Bank of India
website @
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