Fake ‘Children’s Bank of India’ Rs 2000 notes came from SBI Okhla currency chest: Sources

The union finance ministry has swung into action and has sought a report from the State Bank of India after one of its ATMs at South Delhi’s Sangam Vihar dispensed fake Rs 2000 notes earlier this month.

The union finance ministry has swung into action and has sought a report from the State Bank of India after one of its ATMs at South Delhi’s Sangam Vihar dispensed fake Rs 2000 notes earlier this month.

The notes, dispensed on February 6, read ‘Children’s Bank of India’ in place of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government. (HT Photo)

“We have asked SBI to look into the matter immediately. We have sought a prima facie report on the incident,” GC Murmu, additional secretary, financial services, told Hindustan Times.

According to sources, the cash that was being dispensed in the Sangam Vihar ATM on February 6 came from the bank’s currency chest at Okhla. The counterfeit verification is undertaken at all currency chests. “In this case too, the verification was done..so we are looking into the issue, we need to understand how this happened and this incident looks more like an act of mischief,” said an SBI official on condition of anonymity.

The notes, dispensed bore the label of ‘Children Bank of India’ instead of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government. The incident took place at a time when many ATMs in the country are still running dry and the cash shortage has aggravated in many places including Delhi and the national capital region.

Circulation of fake bank notes is gaining pace despite demonetization sucking out 86% of currency overnight on November 8. The government has repeatedly underlined that the demonetisation exercise would weed out fake notes but over the past few weeks, several reports of counterfeit notes have poured in.