DCM (Plg) No.1383/10.27.00/2016-17
November 24, 2016
The Chairman / Managing Director/Chief Executive Officer,
Public Sector Banks / Private Sector Banks / Foreign Banks / Regional Rural Banks /
Urban Co-operative Banks / State Co-operative Banks
Specified Bank Notes (SBNs) – Deposit under Guarantee Scheme to decongest the storage facilities at banks
As you are aware there is a massive accumulation of SBNs at branches of banks and currency chests putting strain on processing capacities and storage facilities. This is slowing down the deposit of accumulated SBNs into chests.
2. For resolution of the problem it is decided to revive the Guarantee Scheme to enable deposit of SBNs with RBI. The details of the scheme are as under:
3. The scheme is effective from November 25, 2016
4. Please acknowledge receipt.
(P Vijaya Kumar)
Chief General Manager