Bank to exchange soiled, unfit notes of lower denominations with fresh ones: Chairman
J&K Bank today launched Operation Mopup to clear up soiled and unfit notes of lower denominations from the market.
Launching the drive, Mushtaq Ahmad, Chairman & CEO, J&K Bank said that the drive shall go a longway in providing clean notes to public as these small denominations i.e. 5, 10, 20 and 50 rupee-notes constitute more than 65% of the total volume of currency in the country.
With this initiative having formally been started off, all branches of the bank across the state of Jammu and Kashmir shall be exchanging, with immediate effect, soiled and unfit notes of smaller denominations with issuable or fresh currency notes.
Mushtaq advised public, especially the business community, not to circulate soiled notes in the market and instead exchange the same from any business unit of the bank. "The idea is to get our state rid of the soiled and unfit notes", he said.
The campaign, apart from being in pursuance to RBI's clean note policy, is in continuation with the "Clean Cash, Clean Commerce" initiative lunched by the bank a few months back.
Mushtaq further thanked RBI for providing support to the bank in this drive.