Coins easily accepted in the city, problem in rural areas, coins worth Rs 10 crore in currency chest
Chhatrapati Sambhajinagar: Banks in the city are facing a unique challenge as they accumulate large quantities of Rs 10 coins in their currency chests. While banks are not worried about the two thousand rupee notes, the situation with the ten rupee coins is becoming a cause for concern. Approximately Rs 10 crores worth of Rs 10 coins are currently stored in four currency chests within the city.
The problem lies in the acceptance of these ten rupee coins, particularly in rural areas. Traders and consumers in city markets readily accept these coins, but rural areas pose a different scenario. Traders and consumers in rural regions are hesitant to incorporate the ten rupee coins in their daily transactions. A significant number of these coins are being returned from rural banks to the currency chests in the city.
The Reserve Bank of India (RBI) has announced that the Rs 10 coins are indeed legal tender and should be circulated by banks to customers without being sent back to the RBI. However, the reluctance to accept coins in rural areas has led to their accumulation in the currency chests of prominent banks such as State Bank of India, Bank of Maharashtra, Central Bank, and IDBI Bank in Chhatrapati Sambhajinagar.
Digital payments reduce importance
The shift towards digital payments has played a significant role in reducing the importance of coins, as more individuals rely on online transactions for their daily expenses.
Acceptance high in city
In the city, acceptance of the Rs 10 coins remains relatively high. Common people possess fewer of these coins compared to traders who deal with larger volumes. The general consensus among city dwellers is that no one refuses to accept these coins, said a bank official.