The Reserve Bank of India (RBI) jointly ICICI Bank and the Federation of Jharkhand Chamber of Commerce and Industries(FJCCI) organized a ‘coin fair' for the third time at FJCCI office in Kadru (Ranchi).

The fair was attended by businessmen and shopkeepers from all over the state, including visitors from Hazaribag, Ramgarh and Daltonganj. It is estimated that as many as 130 participants exchanged banknotes for the coins. The total worth of the coins distributed in the fair was Rs 8 lakhs. The distributed coins were in the denominations of Re 1 and Rs 2. Many participants retuned empty handed as the coin stock ran out within some time.

In recent past, the demand for coins has increased considerably. Bank employees and members of FJCCI have been under pressure with the increased demand for coins made by the customers over their cell phones. In wake of the situation, RBI has taken steps like organising coin fairs and perusing banks to install coin-dispensing vending machines to facilitate the circulation of coins.

Anchal Kinger, FJCCI president, confirmed that the step had been taken make coins available in the market in wake of its scarcity. "To overcome the situation, the RBI has directed banks to maintain adequate availability of coins for their customers," he added.

A similar fair would be held in the near future to disburse coins in denominations of Rs 5 and Rs 10.