Don't need ID copies to exchange old currency notes, says Reserve Bank of India

Don't need ID copies to exchange old currency notes, says Reserve Bank of India 

NEW DELHI: The Reserve Bank of India and head offices of most commercial banks have not asked banks to collect photocopies of customers' identities for exchange of old currency notes. 

In an email to TOI , RBI said that its guidelines only require customers to present and show valid proof, the photocopies are not required. A senior official of the State Bank of India confirmed the same: "The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document," he said. 

Yet most bank branches, including several of SBI , have been insisting on photocopies, which has added to lengthening of queues at the branches. Some branches have offered to copy the document in the branch when customers turn up with only the original copy of their identity. 

A few banks are having a dual approach. "While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again," said A Vidyasagar, COO, Lakshmi Vilas Bank. "For non-bank customers we do get photocopies, but we ask them to sign their names with date, purpose and bank branch," he added.

The gazette notification withdrawing the old high denomination notes from circulation issued on November 8 had said that people can exchange notes at any bank by submitting a requisition slip and proof of identity.


Source : TOI