RBI AGM directs banks to follow clean notes policy

Assistant General Manager (AGM) of the Reserve Bank of India (RBI) B Mahesh directed the banks to follow the ‘clean notes’ policy.

“Banks should receive cut and mutilated notes from customers and should not redirect them to other banks or to the RBI,” he said.

He was addressing a gathering at the District-Level Security Committee (DLSC) and District-Level Currency Management Committee (DLCMC) meeting organised by the district Lead Bank at Netravathi Hall on the Zilla Panchayat premises on Thursday. He said the ATMs of all banks should be configured for the new series of currencies of face value Rs 100. The old 5, 10 and 100 rupee notes will be gradually removed from circulation.

But people need not have to worry as the old notes of these denominations are still legal tenders. 10 rupee and 20 rupee coins too were legal tenders and are very much valid. People can receive and pay through these coins, the AGM said.

“But many banks have piles of Rs 10 coins with them. Nobody should reject 10 rupee and 20 rupee coins. All government departments too should accept 10 rupee coins. People should not pay heed to rumors.

Meetings had been held in this regard with the BMTC, the KSTDC and other government undertaking companies,” he said and urged the banks to create awareness on 10 rupee coins being legal among the people.

During the Covid-19 situation, there were no complaints on the functioning of ATMs from public. Rs 80,000 crore was pumped into the banks between January 2020 and December 2020,  Mahesh said.

District Fire Officer Muhammed Zulfikar Nawaz K P spoke highlighted safety precautions such as availability of fire extinguishers that were needed at banks and currency chests. Canara Bank AGM Robert D’Silva was present at the meeting.