Instead of customers, banks may bear fake notes loss

The common man who unknowingly comes in possession of fake currency is left a harried soul. It's only when fake notes are detected in the money withdrawn from a bank's counter that one gets compensated. But, in cases where a customer fails to detect a fake note at the bank's counter, the bank not only refuses to compensate the fake currency but may also take legal action against such gullible customer. To save customers from the ordeal, the Reserve Bank of India (RBI) has asked banks to put strict provisions in place to check the menace of fake notes. "The recommendations have been made to address the entire gamut of issues concerning the counterfeit currency," said an official of RBI, Mumbai..........

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