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

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          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 @
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11613&Mode=0


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