RBI asks banks to install fake currency detection machines
India, Aug. 1 -- The Reserve Bank on Friday directed banks to ensure that their branches in the districts with international borders are equipped with note authentication/sorting machines, as it found that efforts of some of the lenders were not adequate for the detection of counterfeit currency. The central bank, through a master direction issued in April, prescribed comprehensive instructions to the banks on detection, reporting, and monitoring of counterfeit notes.
The banks are mandated to train all their employees handling cash about the security features of genuine banknotes to enable them for detecting counterfeit notes.
Further, all banknotes received by the bank shall be examined for authenticity through machines, counterfeit n...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.