Question

If a bank branch refuses to exchange soiled notes, what is the amount of penalty the bank may have to pay-

A Rs.1,000 Correct Answer Incorrect Answer
B Rs.10,000 Correct Answer Incorrect Answer
C Rs. 50,000 Correct Answer Incorrect Answer
D Rs.1,00,000 Correct Answer Incorrect Answer
E Rs.5,00,000 Correct Answer Incorrect Answer

Solution

According to the RBI circular, if any bank branch refuses to exchange soiled notes from any member of the public, the bank has to pay a penalty of Rs10,000.

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