The Finance Ministry has asked all the public sector banks and the Indian Banks Association to ensure that deposits of old and new notes are properly reflected in customers’ counterfoils.
“In a letter addressed to all the Managing Directors and Chief Executive Officers/Chairman-cum-Managing Directors of public sector banks and the Chairman, IBA, the Department of Financial Services has stated that maintenance of records regarding deposit of SBN (Specified Bank Notes) and Non-SBN, as the case may be, is essential both in the bank record as well as the customer’s record,” the Ministry said.
Though most banks are already providing the correct information to the customers, they must ensure that this is done in 100 per cent of the cases. “All the bank branches in the country must be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about the same,” according to the statement.
The Ministry has asked all the heads of the banks to take firm action if the instructions were not followed scrupulously.
It asked banks to prominently display a sign, requesting customers to fill-up deposit slips clearly indicating old and new currency and the denomination.The action taken in this regard has to be reported to the Department of Financial Services by December 16.
