New scheme for depositing Specified Bank Notes (SBNs) collected by the banks

With effect from November 25,2016, all banks may deposit SBNs directly with the offices of RBI under whose jurisdiction they are located. These SBNs (defunct Rs.500/- & Rs.1000 notes) will remain, in the vaults of RBI, under the lock and key of the depositing banks till taken up for examination. The notes deposited by the banks would be credited to the current accounts maintained with the RBI. If any shortage, counterfeit note, mutilated note, etc. is detected during detailed processing at RBI, the value of the same will be recovered from the bank concerned.
However, to avail the above facility, banks need to enter into an agreement with Regional Offices of RBI concerned.The decision on the revision of  deposit under guarantee scheme was taken by RBI, in view of a massive accumulation of SBNs at branches of banks and currency chests that has strained  processing capacities and storage facilities of the banks.