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RBI increases incentives for ATMs dispensing lower denomination notes- (Reserve Bank of India) (05 May 2016)

MANU/RDCM/0004/2016

Banking

The Reserve Bank of India revised ‘Incentives & Penalties’ in the Currency Distribution & Exchange Scheme. By revision, the incentives for installation of machines have been restricted to Cash Recyclers & ATMs dispensing lower denomination notes.

CDES has been formulated keeping in mind customer service, with special regard to exchange of notes and coins. Banks providing such additional facilities receive incentives for the same. For instance, banks that install ATM machines dispensing lower denomination notes (up to Rs. 100), are reimbursed 50 per cent of the cost of the machine, up to a maximum of Rs. 2,00,000 – incentives are higher still if the machine is installed in a semi-urban or rural area.

Relevant : Currency Distribution & Exchange Scheme MANU/RDCM/0002/2015

Tags : CURRENCY DISTRIBUTION   INCENTIVE   DENOMINATION  

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