NEWS & ADVICE : FIXED DEPOSITS
Banks directed to collect & exchange 25 p coins
By Neelima Shankar
Feb 24, 2011
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Banking and monetary regulator, Reserve Bank of India has directed those banks which have coin depot to collect and exchange all 25 paise coins and below coming to them for equivalent face value.

Coins can be exchanged at any branch of banks namely HDFC Bank, Standard Chartered Bank, Prathma Bank, Axis Bank, Nanital Bank and ICICI Bank, said assistant general manager of RBI, JP Singh.

"The coins will be exchanged at the branches of these banks/offices of the Reserve Bank till the close of business on June 29, 2011," he added.

The step by banks comes due to Government's decision to evanish 25 p and lower denomination coins from July 1, 2011.

After June 30, 2011, no such coin will be accepted at bank branches, it has been declared.


 


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