If you are one of those with extra stock of money it has now become almost impossible of you to deposit of exchange the same with multiple trips to the bank. From Wednesday, banks in select metro cities have started inking the right hand index finger of customers to prevent them from making multiple trips to the cash counter. The new method, similar to the one used during elections in India, is now being implemented in at least 11 branches of the SBI as well as other banks in Delhi and other top cities.
There have been reports that the long queues are also because a lot of people are making multiple trips to deposit/withdraw money. A lot of these could be genuine transactions, but there are clearly people employing others to do this for them.
The indelible ink is supplied by the Indian Banks’ Association (IBA) in coordination with the banks and consultation with RBI. Soon, the procecure will become mandatory in non-metro towns as well, the RBI said in a statement. Bank branches will get black indelible ink bottles of 5 ml each with the bottle cap coming with a small brush for applying the ink.
The RBI SOPs say indelible ink can be applied by the cashier or another official before the notes are handed over to customer. By the time the exchange takes place a few seconds will elapse allowing the ink to dry up, preventing its removal.