Bank officials fret over fake Rs 500 notes, alert staff: Report

In the wake of rising Fake currency notes in the Indian economy, banking officials have educated their staff to be extra cautious while scrutinizing received a note. As indicated by the report, cases of fake monetary forms, especially of Rs 500, have expanded. It has turned into a reason for worry for both banking officials and the public. "While fakes are not absolutely new, their numbers have all the earmarks of being on an ascent," a senior branch-level authority of Central Bank of India told the paper.

Affirming the developing danger of fake currencies an authority of a leading public sector bank said there are fake Rs 500 notes circulating with the wrong spelling of Reserve Bank of India (RBI). Thinking about this, directions have been issued to staff for being additional watchful while investigating the notes received Likewise, cash management services suppliers associated with ATM replenishment have been alerted for the same, the authority told the publication.

In August a year ago, RBI had reported that 5,22,783 bits of fake notes were detected in the banking system in FY18. Of this, 63.9 percent were detected by banks other than the central bank. In addition, out of the all fake notes identified by RBI, their offer amid FY18 was higher at 36.1 percent as against 4.3 percent amid the past financial. This was a direct result of preparing of a huge specified banknote (SBNs)  withdrawn from flow because of demonetization, the report stated.