FANI Aftermath: RBI Issues Direction For Extending Banking Hours, Exchange Of Damaged Currencies

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Bhubaneswar: In view of the loss to lives and properties due to the landfall of cyclone FANI in Odisha, the Reserve Bank of India (RBI) has asked all banks to extend their functional hours for two additional hours i.e. from 4 pm to 6 pm on working days in cyclone-hit districts of the state.

As there are chances that huge amount of cash of various institutions and individuals be destroyed during the cyclone, the RBI has directed all banks to follow the guidelines for exchange of damaged currencies.

The damaged currencies can be exchanged at any branch of any bank. All the banks have to accept the currencies at their respective counters and provide same amount of cash in return as per the Reserve Bank of India (Note Refund) Amended Rules, 2018.

Currencies damaged beyond recognition can be deposited in the RBI which will be inspected through a special process.

Besides, the RBI has asked its employees to donate their minimum one day salary to the Chief Minister's Relief Fund, Odisha.

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MK Mall, Regional Director, RBI, Bhubaneswar