The Reserve Bank of India (RBI) is working closely with the police and intelligence agencies to prevent the circulation of fake currency notes.
Terming it a “challenging task,” RBI Deputy Governor Shyamala Gopinath said that the apex bank had introduced new safety features in rupee notes to make them secure. It was also conducting regular training programmes for the police in spotting fake notes.
She was here to attend Bankers' Meet.
Addressing a press conference on Thursday, she said that the RBI was focussing on creating awareness among people through media campaign. It had also brought out a film on the subject. Banks had been directed to have note sorting machines wherever they have currency chests.
Further, they have been told to identify one nodal police station in every district for this issue. The norms for filing a police complaint regarding fake notes had also been relaxed.
She clarified that banks were responsible for all notes coming from their ATMs even if the loading of money had been outsourced. The best way to beat this menace was to go for cashless transactions. In this direction, RBI had liberalised norms for banking using mobile phones and the electronic transfer of cash. As the present rate of inflation was above the RBI's comfort zone, she said that measures had been initiated to tackle it without affecting growth.
Commenting on the recent issues with microfinance, Ms. Gopinath said that a new framework had been brought in to prevent problems, such as those witnessed recently in Andhra Pradesh, from surfacing again.
The microfinance institutions/non-banking finance companies were not regulated or lightly regulated during the initial days to help them grow. These institutions had to reorient themselves to comply with the new norms, she said. As part of the RBI's platinum jubilee celebrations, it was holding awareness programmes across the country.
