Acceptance of coins

Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches. Therefore, it has mandated all banks to direct all branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts.

It is further advised that coins, particularly, in the denominations of ₹ 1 and 2, can be accepted by weighing. However, accepting coins packed in polythene sachets of 100 each could also be preferred. Such sachets may be made available to the customers. A notice to this effect is to be displayed inside as well as outside the branch premises.

Coins may be remitted to the currency chests as per the existing procedure. This stock should be utilised for the purpose of re-circulation. In case the stocks of reach beyond the holding capacity of the currency chest, the Issue Department of the Circle may be approached for remittance of coins.

The Controlling Offices of the bank should pay surprise visits to the branches and report the position of compliance to the Head Office. The reports should be reviewed at the Head Office and prompt remedial action taken, wherever necessary.

Any non-compliance in this regard shall be viewed as violation of instructions issued by the Reserve Bank of India and action including penal measures may be initiated.

Based on RBI circular dated 15^th Feb 2018. For any further clarification in the matter, please visit www.rbi.org.in ............... Poppy