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RBI irked by commission charged for exchange of soiled notes
New Delhi, Aug 21: Reserve Bank of India today expressed concern at the exorbitant commission charged by private parties in exchanging soiled notes and directed banks to extend this facility free of cost.
New Delhi, Aug 21: Reserve Bank of India today expressed concern at the exorbitant commission charged by private parties in exchanging soiled notes and directed banks
to extend this facility free of cost.
"Some of the private parties providing the exchange facilities charge exorbitant commission from the public. It is, therefore, advisable that members of public should approach commercial banks or RBI for such facilities, free of cost," RBI said in a release here. RBI, however, clarified that refund value of the notes would depend on available size of the currency notes and number panel as per RBI (note refund) rules.
The apex bank has directed commercial banks to extend the facility free of costs from designated branches.
Bureau Report
"Some of the private parties providing the exchange facilities charge exorbitant commission from the public. It is, therefore, advisable that members of public should approach commercial banks or RBI for such facilities, free of cost," RBI said in a release here. RBI, however, clarified that refund value of the notes would depend on available size of the currency notes and number panel as per RBI (note refund) rules.
The apex bank has directed commercial banks to extend the facility free of costs from designated branches.
Bureau Report