The Reserve Bank of India has advised the banks to install coin-dispensing vending machines to facilitate the circulation of coins. A. Udgat, regional director, Delhi, RBI said, "RBI has instructed banks to install vending machines at important places to enable people exchange currency notes for coins." "The move is to facilitate the availability of coins for bank customers and common man," said Udgat. These coin vending machines will help the people as well as banks save time, he added. The machine would scan the inserted note and if verified for its genuineness, the machine would dispense the coins in an equated value. The coins will be available in denominations of Re one, Rs 2 and Rs 5. Commenting on the response of the banks on this, Udgat, said that both public and private sector banks including State Bank of India, Punjab National Bank and ICICI Bank have shown interest in the machine. PNB has reportedly purchased a few vending machines for the same. The facility has been started by the RBI, Delhi office where users can get coins in exchange for currency notes. The move has been taken considering the varying needs of population. The present currency distribution system is mainly for the banknotes. Considering the needs of people in deeper pockets of the country, the bank have considered setting up of coin dispensing machines which includes currency chests and small coin depots. This would enable wider circulation of coins and reduce manual handling of coins. Earlier, Corporation Bank has installed coin vending machine at the Car Street Branch, Mangalore, which accepted notes in denominations of Rs 10, Rs 50 and Rs 100. |
