RBI has said that the poor detection of fake notes by banks have caused threats

By | September 16, 2011

A recent press report said that the failure of the majority of the banks to detect the counterfeit notes is currently creating threat of counterfeit currency. The Reserve Bank of India said that it would take urgent steps in order to sensitize those within the system on the issue.

In his statement Dr. D. Subbarao, Governor of the Reserve Bank of India told that there were only one or two banks which report about the counterfeit notes that were detected. It means that there are many other banks which do not pay attention to detect and report about the detection of the fake currency notes.

He also said that he has stressed on the importance of detecting the counterfeit notes and the menace created by counterfeit currency notes to the bankers. In turn the bankers have also assured that they would take necessary steps in order to sensitize those within the system and by the end of 2010 20 per cent of the front – office personnel would be given training on how to detect and report these counterfeit currency notes. Besides, it is very essential to create awareness about the counterfeit currency notes to the customers also.

Recently banks have asked the RBI to take a break from its monetary tightening cycle which has made home loan and other loans very expensive.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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