RBI has Asked the Public to Continue to Accept the Coins of Various Denominations

The Reserve Bank of India (RBI) has asked the public to continue to accept the coins of various denominations pumped into circulation regularly. The RBI puts into circulation coins minted by the central government.

RBI said that the coins have distinctive features which are being introduced from time to time with various themes like economic, social and cultural, in order to meet the transaction needs of the public. Currently, coins of 50 paise, ₹1, ₹2, ₹5 and ₹10 denomination of various sizes, theme, and design are in circulation.

Because of the continuous complaints about non-acceptance of coins by bank branches, RBI has asked all banks not to turn away customers who come to exchange coins at their branches.

As coins remain in circulation for a longer period, coins of different designs and shapes circulate at the same time. Among the public doubts have occurred regarding the genuineness of such coins which has resulted in reluctance on the part of some traders, shop-keepers, and members of the public to accept coins. This has impeded the free use and circulation of coins in certain pockets of the country.

Translate »