RBI to do surprise checks in banks to check fake currency

The Reserve Bank officials found fake currency from State Bank of India’s branch in Sidharthnagar in Uttar Pradesh with a face value of Rs 20 lakh.

RBI officials said the team has been formed to carry out surprise checks and also increase frequent monitoring of banks.

The Reserve Bank has said it will step up monitoring of banks after a large amount of fake currency was found in a public sector bank on Monday.

The apex bank has already formed a team to carry out such surprise checks, RBI said.

Reserve Bank officials on Saturday found fake currency with a face value of Rs 20 lakh from State bank of India's branch in Sidharthnagar in Uttar Pradesh.

RBI Regional Director for UP and Uttarakhand J B Bhoria while expressing his views said, "A Finding fake note in large quantity in PSU banks is disturbing. The banks found with fake notes will be responsible for it".

Bhoria told to press that it is the responsibility of the bank to look into the matter as to how such huge amount of fake currency reached the strong room of the bank, and should keep a check on the employees who all are involved in the act.

"The RBI has already issued instructions that the associated bank would be responsible in case fake notes are found in the bank or its ATM. We have formed a team for surprise checks in the banks with regard to the fake notes racket", he said.

He further added that team set up by RBI will be carrying out surprise visits to the currency chest of the banks to check if it has any fake currency.