Module: General Practice
Q1: Which of the following statements regarding bank branch facilities for notes and coins are correct?
Bank branches must provide note and coin exchange facilities to both their customers and non-customers.
50 paise coins are no longer legal tender and can be refused for transactions.
Small Finance Banks (within their first two years) and Payment Banks may, at their option, exchange mutilated and imperfect notes.
All bank branches are mandated to issue fresh/good quality notes and coins of all denominations.
50 paise coins are no longer legal tender and can be refused for transactions.
Small Finance Banks (within their first two years) and Payment Banks may, at their option, exchange mutilated and imperfect notes.
All bank branches are mandated to issue fresh/good quality notes and coins of all denominations.
✅ Correct Answer: B
Bank branches must provide note/coin exchange to both customers and non-customers under RBI Note Exchange Rules.
Statement 2 is incorrect as 50 paise coins remain legal tender.
The RBI Note Exchange Rules mandate that while exchange is optional for new SFBs/Payment Banks, issuing good quality notes is mandatory for all.
Statement 2 is incorrect as 50 paise coins remain legal tender.
The RBI Note Exchange Rules mandate that while exchange is optional for new SFBs/Payment Banks, issuing good quality notes is mandatory for all.