The Reserve Bank of India (RBI) on May 15, 2023, issued a notification regarding an update to the Master Direction – Facility for the Exchange of Notes and Coins
The following has been stated namely: -
• The updated Master Direction – Facility for the Exchange of Notes and Coins has been attached for reference.
• It states that All branches of banks in all parts of the country are mandated to provide the following customer services, more actively and vigorously to the members of the public so that there is no need for them to approach RBI Regional Offices for the following purposes namely: -
(i) Issuing fresh/good quality notes and coins of all denominations,
(ii) Exchanging soiled / mutilated / defective notes [shall include Small Finance Banks (up to two years from the commencement of their banking business) and Payment Banks may exchange mutilated and defective notes at their option]
(iii) Accepting coins and notes either for transactions or exchanges.
[Notification No. RBI/2023-24/97DCM (NE) No. G-2/08.07.18/2023-24]
