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Bank’s mantra to check coin shortage

Photo: Lingaraj Panda

Customers queue up to collect coins from a mobile counter of Andhra Bank at Komapalli in Berhampur on Friday. —

BERHAMPUR: To overcome the acute shortage of coins of small denominations, the lead bank of Ganjam District Andhra Bank launched a week-long programme of distribution of coins on Friday.

A vehicle of the bank moved around the market areas of the city attracting traders to exchange currency notes for coins of small denominations.

Bank’s Assistant Manager Kanhu Charan Panda said they were providing coins for Rs. 100 in Re.1, Rs. 2 and Rs. 5 denominations. Long queues could be seen wherever the vehicle went. Within a few hours, some Rs. 1 lakh worth of coins were exchanged, said Mr. Panda. Traders can also collect coins from the bank’s branches in the city, he added. The facility was inaugurated by president of the Ganjam Chamber of Commerce C. Ravindranath. According to him, traders were compelled to collect coins of small denominations by paying Rs. 5 to Rs. 10 as commission for Rs. 100 change. He thanked the bank for its efforts, especially during the festive season. He also expressed his gratitude to The Hindu for highlighting the issue, which prompted the bank to take up the programme.

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