DCM (Plg) No. 1274/10.27.00/2016-17
The Chairman / Managing
Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks/ Foreign Banks
Regional Rural Banks / Urban Co-operative Banks / State Co-operative Banks/
District Central Cooperative Banks
of Legal Tender Character of Specified Bank Notes –
Expanding the distribution locations for deposit and withdrawal of cash
Please refer to our Circular No. DCM (Plg) No.1226/10.27.00/2016-17 dated
November 08, 2016 on the captioned subject. With a view to
widen the existing facilities to exchange/ deposit the specified bank notes
and withdraw cash from their accounts, banks are advised to put in place
the following additional measures so that member public enjoy as much
convenience as possible in availing the facility.
current account holders (applicable to Current Accounts which are
operational for last three months or more) are allowed to withdraw up to ?
50000 in a week. Such tenders will be disbursed predominantly in ? 2000
may deploy their Micro ATMs (Bala Mitras, etc) near village Panchayat
Offices, Police Stations/ Police and military Outposts, Government
Departments, offices of Public Sector Units, Petrol Pumps and other similar
secure locations. As it may entail larger volume of cash requirements,
Banks may enhance the limits of the micro ATMs to at least ? 50,000 and
allow frequent replenishment of cash to them.
providing exchange / deposit/ withdrawal facility to people residing in
remote/ unbanked areas, banks may consider using mobile vans.
should, in a camp mode, open accounts for Tea/coffee and other plantation
workers, employees of Sugar cooperatives, dairy farms and such other worker
groups with concentrated payment locations so that they may be better
served in terms of deposit into accounts and withdrawal therefrom.
reiterate that in order to cope with the increased work load banks may
consider hiring retired employees for a short period.
have to ensure that the customers use separate pay-in-slips for depositing
specified bank notes and other legal tender bank notes.(If a depositor has
a mixed bunch of SBN and legal tender notes, he has to segregate them and
submit two separate Pay-in slips). Banks have to put in place, within CBS,
a mechanism to maintain a record of receipts of SBNs customer-wise and
denomination wise whether for exchange or for deposit by way of a flag to
facilitate subsequent verification.
(P Vijaya Kumar)
Chief General Manager