SBI alerts its UP branches against fake currency

SBI alerts its UP branches against fake currency
PTI
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First Published: Fri, Aug 08 2008. 12 00 AM IST
Updated: Fri, Aug 08 2008. 12 00 AM IST
Kanpur: After detecting fake currency notes with face value of several crores in its Dumariyaganj branch, the largest public sector lender State Bank of India has put all its 1,350 branches in Uttar Pradesh on alert, asking them to be extra cautious.
Wads of fake currency were seized from the bank’s chest in its Dumariyaganj branch in Siddarthnagar district earlier this week. Cashier of the branch Sudhakar Tripathi was arrested along with another person Abid Shekh for running a fake currency racket in the district.
SBI’s chief general manager Shiv Kumar told PTI the incident has been a shock for the bank, which is working hard to restore the confidence of its customers.
He said the fakes did not got circulated among the public, adding that the Reserve Bank of India and police are examining the currency chest of the branch. If any other branch of the bank is found with counterfeit currency, that would be examined too.
However, RBI’s regional director J.B. Bhoria said Uttarakhand has around 500 currency chests which are examined by the banking regulator at regular periods. But, he added, it is the responsibility of banks to regularly inspect their currency chests as it is not practically possible for the RBI to do so.
Bhoria further said a currency chest is opened in the branch head office of nationalized banks by issuing a license. All nationalized banks of that particular region can take cash from the currency chest of such banks.
He said since a currency chest was established in Dumariyaganj branch of SBI, it was the responsibility of the bank to regularly examine the chest.
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First Published: Fri, Aug 08 2008. 12 00 AM IST
More Topics: SBI | Fake currency | RBI | UP | Rupee |