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Informative
RBI imposes penalty on YES Bank for not exchanging mutilated notes
Update / Judgement Date
05 Jul 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
BankingRBI
The Reserve Bank of India (RBI) imposed a Rs 10,000 penalty on YES Bank for failing to exchange mutilated notes, as disclosed in the bank's exchange filing. An RBI official discovered the issue during a branch visit. The penalty was levied under the "Scheme of Penalties for Bank Branches including Currency Chests" due to the bank's inadequate customer service performance.
