alleryWhich banks may exchange mutilated notes only at their option?
APrivate banks
BPrimary banks
CPayment banks
DPublic banks
Answer & Solution
Correct answer: C. Payment banks
1. New small finance banks share the same discretion.
2. The concession runs for their first two years.
3. Payment banks also have this option.
_Source: RBI Master Direction, Facility for Exchange of Notes and Coins_
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