If the bank does not exchange the notes, it will be fined.
If we look at a circular of RBI, if the bank deliberately refuses to exchange the bad notes, then a fine of Rs 10,000 can be imposed on it. This applies to all branches of all banks. According to RBI, the responsibility of removing bad or fake notes from ATM lies only with the bank. Not even of the agency which inserts the notes in the ATM. If there is any defect in the note, it should be checked by the bank employee. If the serial number, Gandhiji’s watermark and the Governor’s oath are visible on the note, then the bank will have to change the note. (Photo: File/ITG)
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