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RBI notification on acceptance of coins

CHENNAI: The Reserve Bank of India has advised all banks to accept coins of all denominations tendered at their counters from any member of the public without any restriction. In a letter to the heads of all public and private sector banks, P. K. Biswas, Executive Director, has said it would be preferable to accept coins, particularly, lower 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 customer. Such polythene sachets may be kept at the counters and made available to customers. The banks should request and not insist customers to pack coins of each denominations separately and also metal-wise with 100 coins in each sachet before they are tendered at bank counters.

— Our Bureau

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