RBI imposes penalty on YES Bank for not exchanging mutilated notes

Mumbai, Jul 5, 2024 

RBI imposed a monetary penalty of Rs 10,000

The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of Rs 10,000 on YES Bank for not exchanging mutilated notes, the lender said in its exchange filing.

In the letter sent by the banking regulator to the lender, it was also noted during the visit by an RBI official at one of the branches of the lender. According to the exchange filing, the penalty was imposed by RBI citing non-exchange of mutilated notes at one of the branches of the bank.

The bank was charged a penalty citing the “Scheme of Penalties for bank branches including Currency Chests” based on performance in rendering customer service to the members of the public.

[The Business Standard]