Follow these guidelines as issued by the Reserve Bank of India to exchange torn notes.
There is no need to worry if any torn or tattered note comes out while withdrawing cash from ATM. Because if you get any such note from the ATM, then you can easily replace it. Follow these guidelines as issued by the Reserve Bank of India.
1. Torn note from ATM
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Complaints of torn or tattered notes coming out of ATMs are quite common, but the problem is very serious. So the Reserve Bank of India has prepared a system for the people, which will solve their problem.
2. What is a torn note
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As per RBI, a mutilated note is a note of which a portion is missing or which is composed of more than two pieces.
3. Contact Bank
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If you get any torn note from ATM, then first of all you should contact the bank from whose ATM the note is withdrawn. The bank will ask you to fill a form. If you have a slip taken out from the ATM, then attach it with the application. If you do not have the transaction slip, then you will have to give the information about the transaction details received on the mobile.
4. You will get new note in few minutes
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As soon as you submit this application, the bank officials will verify your account details, and if everything is correct, they will take torn notes from you and give new notes in return. This whole process takes only a few minutes.
5. What is RBI's rule?
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RBI has mandated that all branches of banks in all parts of the country are mandated to provide the following customer services to the people so that there is no need for them to approach the RBI Regional Offices for this purpose:
(i) Issuing fresh/good quality notes and coins of all denominations on demand.
(ii) Exchanging soiled/mutilated/defective notes (Small Finance Banks and Payment Banks may exchange mutilated and defective notes at their option).
(iii) Accepting coins and notes either for transactions or exchange.
6. No one can refuse to exchange a banknote
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If a bank makes you wait for a long time in the name of the procedure or refuses to exchange the note, then you can complain to the police. According to RBI, banks doing this will be fined Rs 10,000.
