Exchange notes for coins at 50 city banks
Posted on: 15/Dec/2014 9:51:19 AM
Reserve Bank of India asked PSU banks to install coin vending machines (CVMs) to dispense change. There are currently 308 CVMs in bank branches across the state, including 147 in Chennai. RBI plans to prominently display the names of the market area branches from where traders and the general public can exchange notes for coins. The machines were initially installed only at RBI offices but other banks across the state have also set up CVMs. The machines dispense coins of various denominations, according to the value of the currency note inserted into them, with a maximum exchange of Rs 100 at a time. The lowest denomination of coins currently minted by the central bank is 50 paise and the highest denomination is Rs 10.
Various banks are also conducting coin melas at their branches where members of the public can exchange currency notes for coins.
RBI officials said they plan to organise mobile coin exchange programmes in rural areas to boost the circulation of coins.
