Mumbai, Oct 09: Reserve Bank of India today directed banks to instruct their branches to accept coins of all denominations from any member of public without any restrictions and pay the value in notes. Keeping the ensuing Diwali festival in view, RBI has also asked banks to ensure that adequate quantity of bank notes were available in branches and ATMs, the apex bank said in a release here.
RBI has advised banks to use coin counting machines or accept coins by weight in order to be able to accept large quantities tendered at bank counters provided the coins are tendered after sorting out, it said. This directive on coins to chairmen and managing directors of banks was in the wake of RBI receiving complaints from the public, chambers of commerce, co-operative banks that banking entities do not accept coins from them.
Due to various measures taken by the apex bank, coins were now freely available with shopkeepers, traders, transport undertakings and general public, causing a reverse flow to the banks, it added. RBI said banks should accept even five, 10 and 20 paisa coins as though minting of these coins has been discontinued, they still were legal tender and in circulation. Bureau Report