RBI improving security to detect fake notes at branch level | mumbai | Hindustan Times
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RBI improving security to detect fake notes at branch level

mumbai Updated: Oct 27, 2009 21:21 IST

The Reserve Bank today said it is improving security features and has asked banks to install detectors and note-sorting machines at branches and ATMs as part of its drive to check fake currency notes.

"We are constantly improving the security features. We are asking banks to install note-sorting machines at every important branch where there is large cash handling, so that these notes are detected at the branch level itself," RBI Deputy Governor Usha Thorat told reporters here.

Thorat heads the 'High Level Group on Systems and Procedures for Currency Distribution' that was set up in August last year.

The central bank has asked banks to switch over to cassette swapping system so that currency notes are put in ATMs in a highly secured manner.

"ATMs can also be installed with note detectors using a more sophisticated way of stuffing ATMs, so that there is no chance of notes going out through ATMs," the Deputy Governor said after RBI announced its mid-yearly monetary policy today.

The Reserve Bank has also asked banks to waive off the requirement of filing a First Information Report (FIR) by banks and individuals in case less than five fake currency notes are detected, she said.

The apex bank said it has found just eight fake notes for every million in circulation.