Banking News

Indelible ink on the finger of the customers as SOP for exchanging defunct notes

Indelible ink on the finger of the customers as SOP for exchanging defunct notes

The Reserve Bank vide its circular RBI/2016-17/133/DCM (Plg) No. 1280 /10.27.00/2016-17 put in place a Standard Operating Procedure (SOP) for the exchange of Specified Bank Notes (SBNs).  Banks are advised to take following measures:

  1. While exchanging the SBNs, the concerned bank branch and post offices would put indelible ink mark on the right index finger of the customer so as to identify that he/she has exchanged the old currency notes only once.
  2. The indelible ink would be supplied to the bank/post offices by Indian banks Association (IBA) in coordination with the banks and consultation with RBI.
  3. The indelible ink can be applied by the cashier or any other official designated by the bank before the notes are given to the customer so that while the exchange of notes is taking place, a few seconds elapse which will allow the ink to dry up and prevent removal of ink.
  1. Indelible ink on the index finger of the left hand or any other finger of the left hand may not be used as a pretext to deny exchange of old notes.

The procedure would be introduced, to begin within the metro cities and extended to other areas later. Each bank branch will be provided with black indelible ink bottles of 5 ml each. The cap of the bottle includes a small brush for applying the ink.

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