All banks are obliged to accept & exchanged currency notes which are soiled, cut or defected but in many branches customer face problems when Banks reject the request to exchange the defective notes. If you face similar problems then complain to State Bank on 111-727-273.
State Bank of Pakistan announced that it will be taking strict actions against those banks which are not providing this basic service to citizens. In a new decision it announced that Banks will be penalized up to Rs. 10,000 if they fail to exchange spoiled notes.
Banks will face penalty of Rs. 20,000 if they deny or reject currency notes of small denominations whether during payment of utility bills or any other transaction.
These stricter measures were announced after it was observed that many banks are repeatedly denying customers the service which they are obliged to provide. It is hoped that new penalty measure will work better.
Also read: State Bank of Pakistan (SBP) Launches Helpline Number
Just last month State Bank announced the establishment of a helpline to provide help to customer in a more easy, convenient and fast way. This initiative was appreciated by citizens who thought previous method was too slow.