Desk: In today time everyone is using UPI for digital transactions. But there are still many things that have to use cash to buy. In such a situation it is easy for people to withdraw money from ATMs.
But at times the notes come out of the ATM. What would you do if that happened to you There nothing to be worried about. The Reserve Bank of India (RBI) has made it mandatory to exchange demonetised notes. So let know about it.
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The bank will change the
The RBI says that if you get a mutilated note from an ATM you can easily go to the bank and change it. “All banks whether government or private exchange mutilated or soiled notes at their branches without any hassle” the RBI said. If the bank refuses to exchange the notes it can also be fined.
What do RBI guidelines say
In April 2017 the RBI said in a guideline that banks cannot refuse to change their currency. Take the torn notes from the ATM to the bank to which the ATM is connected. After going there you have to tell the date time and name of the ATM from which you have withdrawn money in an application form.
What needs to be done next
A copy of the ATM card should also be enclosed with the application. If the slip has not been issued the transaction details received on the mobile will have to be reported. With this information you can easily change the mutilated notes. A penalty of Rs 10000 will be imposed on banks for non-conversion of demonetised notes the RBI said in a circular.