Bank not to refuse acceptance of coins or small denomination notes-RBI Instruction

Bank not to refuse acceptance of coins or small denomination notes-RBI Instruction to all banks

Reserve Bank of India (RBI) in its latest directive has instructed that none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters by the account holders.  RBI has stated that it continues to receive complaints about non-acceptance of coins by bank branches.

In a communication addressed to the Chairman/Managing Director/CEOs of all the banks, the RBI has stated that reportedly such denial of service in turn has led to refusal on the part of shopkeepers and small traders, etc., to accept coins as payment for goods sold and services rendered causing inconvenience to the public at large.

The RBI has advised the top brasses of all the banks to direct their branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts.

The RBI has further advised that particularly, the coins in the denominations of Rs. 1 and 2, may preferable to accepted by weighment.  Accepting coins packed in polythene sachets of 100 each have been also suggested for the sake of convenience of the cashiers and the customers. It has been advised that such polythene sachets may be kept at the bank counters and made available to the customers. Display of a notice to this effect inside and also outside the branch premises for information of the public has also been prescribed.

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