NEWS & ADVICE : PERSONAL LOAN
Banks to be fined for holding coins and not circulating them
By Vaibhav Aggarwal
Aug 31, 2010
Print    Email    RSS   

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.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Carnival of Indian Personal Finance Blogs # 9
Is the Base Rate system really transparent?
Bank loans that could glitter for you
Effect of employment on loan eligibility...
BPLR or Base rate?? Which is better…?


HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive