RBI asks all banks to install note-sorting machines

The regional director of Reserve Bank of India J Sadakkadulla said a high-level committee headed by Deputy Governor of Reserve Bank of India (RBI) Usha Thorat had recommended installation of note-sorting machines at all branches of banks in a phased manner.

The regional director of Reserve Bank of India J Sadakkadulla said a high-level committee headed by Deputy Governor of Reserve Bank of India (RBI) Usha Thorat had recommended installation of note-sorting machines at all branches of banks in a phased manner.

Brushing aside reports of a large number of fake notes in circulation in the country,he said in India there were around eight fake notes per million notes. The total circulation of currency in India is 48 billion pieces and the fake currency is merely 0.0008 per cent of it, he added.

Earlier,he inaugurated the first coin vending machine in the premises of State Bank of Patiala in its Qila Chowk branch. The machine is the first one to be launched in the Malwa region and dispenses coins of 1,2 and 5 rupee denomination. Sadakkadulla also honoured the oldest customers of the branch.

T Lokeshaiah,chief general manager of SBoP,who was also present on the occasion,said the bank will install coin vending machines outside Gurdwara Dukhniwaran Sahib and Kali Devi Mandir in Patiala. He added that a machine can store 80,000 coins of different denominations and notes of Rs 50 can be exchanged for coins at one time.

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