Financial Daily from THE HINDU group of publications
Tuesday, Jun 17, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jun 17, 2003 |
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RBI & Other Central Banks Money & Banking - RBI & Other Central Banks RBI to inspect bank chests Our Bureau
KOLKATA, June 16 THE Reserve Bank of India is to shortly start inspection of currency chests of various banks, including State Bank of India, to detect soiled notes in stapled condition. The inspection follows the report that several banks, instead of remitting the soiled notes in unstapled condition to RBI, continue to hold them in stapled condition in their currency chests. This is in violation of the RBI's order.The banks are worried at the RBI move. The existence of stapled notes in the chests, if detected by the RBI team may have some adverse consequences. The licence of the chests might be cancelled. The staff concerned might be made accountable.
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