Mumbai: Flagging the issue of the rising menace of counterfeit currency, as majority of banks are failing in effective detection, the Reserve Bank on Tuesday said urgent steps will be taken to sensitise those within the system on the issue.
"When we looked at the data of detection, it was very skewed across banks. There were only one or two banks which were reporting this which means that a lot of other banks were not paying adequate attention to detection and reporting of counterfeit notes," RBI Governor D Subbarao told reporters at the customary post-policy interaction in Mumbai.
Stressing on the importance of the issue, he said he raised the issue with the bankers at his post-policy meet - the first time that it cropped up at such an important meeting.
Bankers, in turn, assured the Governor that adequate steps towards sensitising those within the system will be undertaken and 20 per cent of the front-office personnel will be trained in detecting fake notes by end of 2012.
"It was agreed that banks will train on detection and reporting of counterfeit currency," he said. Additionally, there is also a need to undertake consumer awareness, the Governor said.
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