RBI asks banks to accept coins of all denominations from public

Banks should not refuse to accept coins of all denominations from customers and any non-compliance may result into penal action, the Reserve Bank said today.

Despite advisory that none of the bank branches should refuse to accept small denomination notes or coins tendered at their counters, complaints keep coming about non-acceptance of coins by bank branches, RBI said.

Denial to accept coins, either for exchange or deposit, leads to refusal on the part of the shopkeepers and small traders which causes inconvenience to the public at large, the bank said.

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"You are, therefore, once again advised to immediately direct all your branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts," RBI directed all the banks.

The regulator has also advised banks, preferably to accept coins, particularly, in Re 1 and Rs 2 denominations by weighment.

However, accepting coins packed in polythene sachets of 100 each would perhaps be more convenient for the cashiers as well as the customers, it said.

"Such polythene sachets may be kept at the counters and made available to the customers. A notice to this effect may be displayed suitably inside as also outside the branch premises for information of the public." In order to obviate the problems of storage of coins at the branches, coins may be remitted to the currency chests as per the existing procedure, it added.

The stock thus built in the currency chest should be utilised for the purpose of re-circulation.

"Any non-compliance in this regard shall be viewed as violation of instructions issued by the Reserve Bank of India and action including penal measures as applicable from time to time, may be initiated," RBI added.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)