NEWS & ADVICE : PERSONAL LOAN
Banks to be fined for holding coins and not circulating them
By Vaibhav Aggarwal
Aug 31, 2010
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The Reserve Bank of India has decided to put fine on those banks which have coins and are still not distributing it to public in a situation when there is dearth of coins. The apex bank's decision was declared by Deputy General Manager of RBI, Patna, Mr Aditya Kishwar.

Kishwar, on his visit to the office of the Singhbhum Chamber of Commerce and Industry (SCCI) said that fine of Rs 5000 would be imposed on any bank which has coins but is holding back their circulation to the public.

He assured that Rs 40 lakh worth coins would be brought to banks in Jamshedpur this week. He also said that he would be discussing the issue with State Bank of India and ask it to organise coin distribution camps camp with the traders in Jamshedpur in association with SCCI.

The north eastern states are also facing dearth of coins.


 


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