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RBI Cracks Down: Banks Must Spot Counterfeit Notes
31 Jul
Summary
- Banks near international borders must have note authentication machines.
- All cash handling staff will be trained by October 2026.
- Banks must analyze fake note data to find trends.
The Reserve Bank of India (RBI) has issued new directives to banks to bolster the detection of counterfeit currency notes.
Branches located in districts bordering international frontiers are now mandated to be equipped with note authentication or sorting machines. This measure follows the RBI's observation that some banks' existing efforts in counterfeit note detection were insufficient.
All bank employees who handle cash will receive comprehensive training on the security features of genuine banknotes. This mandatory training is scheduled to be completed by October 31, 2026.
Additionally, banks are instructed to utilize their Forged Note Vigilance (FNV) cells to analyze data on detected fake Indian currency notes (FICNs). This analysis aims to identify emerging trends and problem areas, allowing for more targeted outreach and capacity-building initiatives.
