Got damaged notes? Know how to exchange them

Nowadays people are transacting money digitally but most of us still doing transactions with cash also. People go to the ATM for withdrawing cash. But sometimes, some torn or damaged notes come out of ATMs. People get into trouble with this note. However, you need not to worry if you get such notes.

Actually, the bank cannot refuse to exchange the torn or damaged note received from the ATM. According to the rules of the Reserve Bank of India (RBI), if you ever get such torn or damaged notes from ATM then how can you easily replace them with the bank.

According to the rules of RBI, if you ever get torn notes from the ATM, then you can easily replace them with the bank. The bank does not have the right of refusal. For this, you have to go to the bank from whose ATM you have withdrawn money. By going there you will have to give an application in which you will have to write the date, time, from where the money has been withdrawn, its name.

The ATM slip will have to be shown along with the application and if the slip is not taken then the SMS will have to be shown on the phone, in which the debit information has been given. After this, the officer present in the bank will exchange your note or notes immediately.

Let us tell you that in April 2017, the central bank had clearly said in one of its guidelines that the bank cannot refuse to exchange damaged notes. This is an order to all the banks that they will exchange such notes of people in every branch.

In another circular dated July 2016, RBI had said that if banks refuse to exchange torn notes, they will be fined Rs 10,000. This directive of RBI is applicable to all branches of all banks.

According to RBI, only the bank is responsible for the bad and fake notes that came out of ATMs. This is not the responsibility of the agency to put money in the ATM. If there is any defect in the note, then it should be investigated by the bank employee itself.