Banks To Ensure New Notes Deposit Reflect In Customer Counterfoils

**New Delhi** In the wake of the November 8 demonetisation of high values currency, the government on Sunday said it has asked all public sector banks (PSBs) and the Indian Bankers Association (IBA) to fully ensure that deposits of new notes are correctly reflected in customers’ counterfoils.

“Department of Financial Services (DFS) has asked all the Public Sector Banks and the Indian Bankers Association (IBA) to ensure hundred percent that deposits of new currency is properly reflected in the customers’ counterfoils,” said a Finance Ministry release here.

The Ministry in a letter has said that maintenance of records regarding deposit of both specified banknotes (SBN) and non-SBN is essential both in the banks, as well as the customer’s record.

According to the statement, the letter said that all the bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency, and inform the customers about the same.

The ministry also asked the state-run banks and the IBA to clearly display a prominent sign, including in the local language, in their respective branches requesting customers to fill-up deposit slips, clearly indicating old and new currency and the denomination of the notes.

The ministry has also sought a report by December 16, regarding what actions the banks have taken in the matter.