DCM (Plg) No.1383/10.27.00/2016-17
The Chairman / Managing
Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural
Urban Co-operative Banks / State Co-operative Banks
Specified Bank Notes (SBNs) -
Deposit under Guarantee Scheme to decongest the storage facilities at banks
As you are aware there is a
massive accumulation of SBNs at branches of banks and currency chests
putting strain on processing capacities and storage facilities. This is
slowing down the deposit of accumulated SBNs into chests.
2. For resolution of the problem
it is decided to revive the Guarantee Scheme to enable deposit of SBNs with
RBI. The details of the scheme are as under:
may deposit SBNs directly with the offices of RBI under whose jurisdiction
they are located. These SBNs will remain, in the vaults of RBI, under the
lock and key of the depositing banks till taken up for examination.
the SBNs deposited by banks, RBI will afford credit to their current
accounts maintained with RBI. Thereafter, if any shortage, counterfeit
note, mutilated note, etc. is detected during detailed processing at RBI,
the value of the same will be recovered from the bank concerned.
facility will be extended to all banks and be available at all our Issue
avail the facility banks need to enter into an agreement (Annex) with Regional Offices of RBI concerned.
3. The scheme is effective from
November 25, 2016
4. Please acknowledge receipt.
(P Vijaya Kumar)
Chief General Manager