Scheme of Incentives & Penalties – Review: RBI

RBI/2014–15/604 DCM (CC) No. 4846/03.41.01/2014–15

May 21, 2015

Please refer to our Mas­ter Cir­cu­lar DCM (CC) No.G‑5/03.39.01/2014–15 dat­ed July 1, 2014 on the cap­tioned subject.

2. As you are aware, the scheme of Incen­tives & Penal­ties was intro­duced in 2008 and has been revised expand­ing its scope as also its ben­e­fi­cia­ries with a thrust on tech­nol­o­gy led inter­ven­tions. The last such revi­sion intro­duced incen­tives for machines pro­vid­ing cash relat­ed retail ser­vices to the pub­lic as also for Note Sort­ing Machines.

3. We have been receiv­ing a lot of queries / sug­ges­tions from banks on the scheme. The scheme is being reviewed in the light of the sug­ges­tions; espe­cial­ly on var­i­ous machines. The banks are there­fore advised that claims sub­mit­ted up to June 30, 2015 will be set­tled by our offices and any future pur­chase of machines may be planned only after issue of the revised scheme. How­ev­er, the exchange facil­i­ty for notes / coins / cut & muti­lat­ed notes may con­tin­ue to be pro­vid­ed as hitherto.