9 banks fined for improper deposit of torn notes

|| Published: 2020-03-11 02:33:27 || Updated: 2020-03-11 02:33:27

The Bangladesh Bank has fined nine banks for violating rules on depositing of torn, damaged or mutilated bank notes to the central bank.

As per the central bank rules, banks are supposed to deposit torn, damaged or mutilated bank notes in separate bundles, which the banks failed to do so, BB officials said on Tuesday.

The central bank fined the nine banks based on the negative marking assigned for haphazard deposition of such notes to the BB, they said.

State-owned Sonali Bank was fined Tk 2.5 lakh while the remaining eight banks were fined Tk 50,000 each.

The other eight banks fined are Janata Bank, Prime Bank, Mercantile Bank, Al-Arafah Islami Bank, Southeast Bank, National Bank, Pubali Bank and Jamuna Bank.

The banks were asked to deposit the fine by tomorrow.

On failure to deposit the fine, the amount would be deducted from their accounts at the BB’s Motijheel branch.

Banks are supposed to segregate such notes into three categories — re-circulation worthy, re-circulation unworthy and mutilated.

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