News > RBI imposes penalty on YES Bank for not exchanging mutilated notes

RBI imposes penalty on YES Bank for not exchanging mutilated notes

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 10,000 on YES Bank. In the letter sent by the banking regulator to the lender, it was also noted during the visit by an RBI official at one of the branches of the lender. The bank was charged a penalty citing the “Scheme of Penalties for bank branches including Currency Chests” based on performance in rendering customer service to the members of the public.