Reserve Bank of India (RBI) has asked banks to accept coins of all denominations from people as not doing so will result in penal action. Despite of the early advisory send by RBI to All banks, people were still complaining that bank branches are not accepting coins.
As per the Apex bank refusal to accept coins for deposit or exchange creates problems for public at large scale such as shopkeepers and small traders. RBI also suggested that coins that are packed in polythene in the amount of 100 each will be more convenient for customers as well as to banks. Soon a notice regarding this will also be made public at all branches for public information.
Addressing the problem of storage of coins by the bank branches, RBI asked to use already existing procedure which is remittance to the currency chests. These currency chests stock will then be utilised for the purpose of re-circulation.
RBI (Reserve Bank of India)
Reserve Bank or India/Central Bank of India/Apex Bank/Banker’s bank is the largest organisation of Indian banking industry which regulates all banks (Public and Private sector). It controls all monetary policy of India. Important details about RBI:-
- Established on: 1 April 1935 as per Reserve Bank of India Act
- Nationalized on: 1 January 1949
- Headquarter of RBI: Mumbai, Maharashtra
- Current Governor of RBI: Urjit Patel
- Main Functions of RBI: To control monetary policy