Download RBI Circular No. 2013-2014/179 Dated August 12, 2013 For Distribution of Banknotes and Coins – Review of Incentives and Penalties

Download RBI Circular No. 2013-2014/179 Dated August 12, 2013 For Distribution of Banknotes and Coins – Review of Incentives and Penalties

RBI/2013-2014/179

DCM (CC) No. G- 10 /03.39.01/2013-14                                                       August 12, 2013

The Chairman & Managing Directors / Chief Executive Officers

All Scheduled Commercial banks (Including RRBs and UCBs)

Dear Sir/Madam

Distribution of Banknotes and Coins – Review of Incentives and Penalties

Please refer to paragraph 109 of the Monetary Policy Statement 2013-14 announced on May 03, 2013(extract enclosed). In this connection, a reference is invited to the Master Circular DCM (CC) No. G – 3/03.39.01/ 2013-14 dated July 01, 2013 on the Scheme of Incentives and Penalties for bank branches including currency chests based on the performance in rendering customer service to members of public.

2.         Accordingly, the existing Scheme of Incentives and Penalties has been reviewed taking  into  consideration  the  recent  developments  in  the  area  of  exchange  and distribution of bank notes and coins to the public. The revised Scheme endeavors to provide improved customer service to the common person both by extending higher incentives to the banks as also by expanding the activities covered, with major thrust on technological interventions in the issue and distribution of banknotes and coins. The details of the revised incentives are enclosed.

3.         These instructions come into force with immediate effect. All other instructions contained in the above Master Circular dated July 01, 2013, remain unchanged.

4.         Please acknowledge receipt.

Yours faithfully,

(B. P. Vijayendra)

Principal Chief General Manager

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