Accept coins of all denominations, RBI tells banks

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Banks should not refuse to accept coins of all denominations from customers and any non-compliance might result in penal action, the Reserve Bank said on Wednesday.

Despite advisory that none of the banks should refuse to accept small denomination notes or coins tendered at their counters, complaints keep coming about non-acceptance of coins by bank branches, RBI said.

Denial to accept coins, either for exchange or deposit, leads to refusal on the part of the shopkeepers and traders, which causes inconvenience to the public, the bank said.

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