Banking · RBI Note Refund Rules
According to the Reserve Bank of India (Note Refund) Rules, what is the correct procedure for a non-chest branch when a customer presents a mutilated note consisting of more than two pieces for exchange?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The teller should join the pieces using adhesive tape and return the note to the customer.
- 2Non-chest branches are strictly prohibited from handling mutilated notes and must direct the customer only to RBI Issue Departments.
- 3The branch should accept the note, issue an acknowledgment, and send it to the nearest Currency Chest branch for adjudication.✓
- 4The non-chest branch must immediately pay full value if the pieces match and destroy the note locally.
Correct answer
The branch should accept the note, issue an acknowledgment, and send it to the nearest Currency Chest branch for adjudication.
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