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Home > Mumbai > Mumbai News > Article > Accept coins of all denominations RBI tells banks

Accept coins of all denominations, RBI tells banks

Updated on: 16 February,2018 08:20 AM IST  |  Mumbai
Agencies |

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

Accept coins of all denominations, RBI tells banks

Representation pic
Representation pic


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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