Ranchi, July 2: Banks today called on clients to check their cash before leaving the payment counters after a number of customers complained of shortages in sealed Rs 100 and Rs 50 denomination bundles.
Officials said under the RBI guidelines, currency notes were now required to be wrapped in narrow plastic wrappers, instead of stapling, to increase the life of the currency notes and cut down on paper and printing cost.
Officials added that stapler pins, most of which were of inferior quality, previously being used to stitch up the packets created gaping holes in the distinguishing watermarks on the notes every time a packet was opened.
“Following the new guidelines, the stapling has been completely dispensed with and all packets are now being sealed in plastic wrappers,” officials said. They added that while the risk of an errant employee pulling out “one or two notes from a packet” cannot be ruled out, as a general rule bank staff have always been known for their honesty and reliability and that there was no need for unnecessary panic.
Chaos today prevailed at the Kanke Road branch of the State Bank of India after at least two customers complained of shortages in the Rs 100 packets that they received from the bank’s payment counters. “Though complaints were received long after the customers had departed from the bank premises yet all payments were immediately suspended and a thorough recounting of all notes undertaken as a precautionary measure,” officials added. However officials revealed that no discrepancy was found in any of the packets. “Normal payments were later resumed after the checks proved abortive,” they said.
Senior SBI officials refused to comment. A senior official said individual branches receive or sent remittances as the case may be depending on the “demand and supply positions” and the extent of cash that each branch is allowed to retain. They pointed out that all branches receiving remittances are required to satisfy themselves fully that every packet contains the required 100 numbers of notes of the specific denomination, before accepting the cash.
“The manner of packaging is thus irrelevant,” officials said. However, they added that individual clients, receiving payments from banks are also being requested to “satisfy themselves fully” before leaving the cash counters.





