RBI has increased the incentives of banks to increase the transaction of coins. Apart from this, it has also been decided to give additional amount as incentive to banks in rural areas.
New Delhi. Now soon banks will deliver coins to their customers at their doorsteps under “Door Step Banking”. RBI has allowed banks to make such a policy for their bulk customers. According to the RBI circular, banks can provide this facility to their customers for business transactions. For this, the bank can take the approval of the policy from its board of directors. Based on which banks will be able to prepare detailed rules for giving coins.
According to RBI, the facility of delivering coins through door step banking will be available to only those customers who fulfill the KYC compliance of the bank. Also, when the bank gives coins to such a customer, then its complete record will also have to be maintained. Apart from this, the bank has also said that banks should also adopt their due-diligence process to prevent any kind of fraud.
Incentive to banks for giving coins
RBI has also increased the incentives of banks to increase coin transactions. Under this, now banks will get an incentive of Rs 65 per bag from September 1. Till now, banks used to get an incentive of Rs 25. Apart from this, an additional incentive of Rs 10 will be given on such transactions in rural and small towns.
Fraud in the name of old notes and coins
RBI has also said in a circular that it has been found that many online platforms are using fake logo or name of RBI in the name of Reserve Bank of India. Through which commission or fee is being charged on the transaction of old notes and coins. Which is completely wrong. RBI has said that it does not charge any fee or commission on the transaction of old notes and coins. Also, RBI has not allowed any platform to do such transactions. Therefore people will not have to fall prey to such frauds.
In fact, people collect old notes and coins on a large scale. In such a situation, many people are ready to pay exorbitant price for it. Some online platforms take advantage of this. and fraudulently charge commission or fee in the name of RBI on the transaction of such notes and coins.
