Bank cannot refuse to exchange bad notes from ATM, know the rules
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Ever since the facility of ATM has been provided to the customers by the banks, people avoid keeping more cash with them or in their homes. Because with the presence of an ATM, you can withdraw money at any time when needed. But many times it happens that mutilated notes come out from the ATM and we do not understand what to do with these mutilated notes?
If it is a common thing to get mutilated notes from ATMs. In such a situation, you can get these notes exchanged by going to the bank. The bank cannot refuse to take these mutilated notes given by you. Today we will tell you how you can easily exchange mutilated notes from ATM.
What does RBI say on this?
According to the Reserve Bank of India, banks will have to replace mutilated currency notes from ATMs. Neither a government bank nor a private bank can refuse to exchange these notes. The Reserve Bank of India had said in the guideline issued in 2017 that all banks will exchange mutilated or soiled notes in every branch without any problem.
How to change mutilated notes
To exchange the notes, you have to go to the bank in whose ATM you have found the bad notes. You will have to write an application in this regard by going to that bank. In this application, you have to tell the date, time etc. of the money withdrawn from the ATM. Apart from this, you will have to show the slip drawn from the ATM. If there is no slip, the message of debited money will have to be shown on your phone.
Action on not changing note
The Reserve Bank of India had issued a circular in July 2016 saying that if the bank refuses to exchange bad notes withdrawn from ATMs, then it can be punished and a fine of 10 thousand rupees can be imposed. These rules of RBI are applicable to both public and private banks.
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