17.7.16

RBI asks banks to exchange upto 20 soiled notes free of charge

RBI asks banks to exchange upto 20 soiled notes free of charge


The Reserve Bank of India has asked banks to exchange up to 20 pieces of soiled currency notes with a maximum value of ₹5,000 over the counter free of charge in an effort to improve customer service. However, if the number of notes to be exchanged is more than 20, banks can levy the service charge. 

As per RBI, the facility of exchanging mutilated or imperfect notes is available at designated bank branches and also non-chest branches. In case notes are presented in bulk (where the number exceeds 20 pieces or ₹5,000 in value per day), banks will accept them, against receipt, for value to be credited later.

So let's discuss some questions related to this post:
1. The Reserve Bank of India has asked banks to exchange up to how much pieces of soiled currency notes free of charge?
2. What is the maximum value of these 20 pieces soiled currency notes which can be exchanged over the counter free of charge?

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