The process of exchanging notes from a government or private bank is very easy. If a bank makes you wait a long time or refuses to change the note, you can file a police complaint. According to the Reserve Bank of India (RBI), banks doing so will be fined Rs 10,000. Let’s understand how Torn Currency Notes are exchanged from the bank.
New Delhi. Now more and more people prefer to withdraw cash from ATMs if needed instead of keeping cash in their homes. Now in such a situation if Torn Currency Notes come out from the ATM, then you do not understand what to do. Many people do not even know what to do with these severed currency notes. Many times people keep these cut and torn notes at home or get them replaced by taking damage at unauthorized note-exchanging shops. Let us know what to do if we get a cut or torn note from the ATM?
According to RBI, cannot refuse to change banknote
If you have received mutilated notes from the ATM, then there is no need to worry. You can easily exchange these notes and take clean currency notes. According to the Reserve Bank of India (RBI) rules, banks will have to change mutilated currency notes emanating from ATMs. Neither government banks (PSBs) can deny this nor private banks. In the guidelines issued in April 2017 by the Reserve Bank, it was said that all banks will change the mutilated or dirty notes of all the customers in each of their branches without refusal. However, for this you will have to provide some details.
You can complain to the police on waiting, penalty will be imposed
The process of getting a bank to exchange a note is very easy. If a bank makes you wait a long time or refuses to change the note, you can complain to the police. According to the Reserve Bank, banks doing so will be fined Rs 10,000. Now let’s understand how mutilated currency notes are exchanged from the bank. First of all, you have to go to the bank of the ATM used to withdraw cash. Then the bank has to give an application.
Details of withdrawal date, time and location of ATM will have to be given in the application. Copy of slip received on withdrawing money from ATM will also have to be attached with the application. If you do not have a slip, then the transaction details on the mobile will have to be given. The bank officials will verify the account details as soon as they submit the application. Then you will take the mutilated notes and give new notes instead.
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