Distribution of Banknotes and Coins - Review of Incentives and Penalties - ఆర్బిఐ - Reserve Bank of India
Distribution of Banknotes and Coins - Review of Incentives and Penalties
RBI/2013-2014/179 August 12, 2013 The Chairman & Managing Directors / 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) Encls: As above Extract of Monetary Policy Statement 2013-14 Currency Management 109. In pursuance of the announcement made in the Monetary Policy Statement of April 2012, a roadmap for making available services relating to distribution of banknotes and coins to members of the public by identified branches of banks for improved customer service is being worked out. Revised Scheme of Incentives and Penalties:
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