ID copies not required to exchange old currency notes, says RBI

NEW DELHI, 16 Nov: The Reserve Bank of India and head offices of most commercial banks have cleared that they don’ need the photocopies of customers’ identities to exchange of old currency notes.

RBI informed that in its guidelines, they have only asked to show the valid proof of customer who is present there and the photocopies are not required.

A senior official of the State Bank of India dictated the same: “The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document,” he said. Still there are most of

Still there are bank branches including several of SBI+, which are asking for the photocopies, which has added to the lengthening of queues at the branches.

However, Some branches have offered to copy the document in the branch when customers came up with only the original copy of their identity.

A few banks are having a dual approach. “While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again,” said A Vidyasagar, COO, Lakshmi Vilas Bank.

For non-bank customers, we do get photocopies, but we ask them to sign their names with date, purpose and bank branch,” he said.

According to the instructions, people can exchange notes at any bank by submitting a requisition slip and proof of identity.

 Wefornews Bureau

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