Banks should not refuse to accept coins of all denominations from customers and any non-compliance may result into penal action, the Reserve Bank said today.
Despite advisory that none of the bank branches should refuse to accept small denomination notes or coins tendered at their counters, complaints keep coming about non-acceptance of coins by bank branches, RBI said. Denial to accept coins, either for exchange or deposit, leads to refusal on the part of the shopkeepers and small traders which causes inconvenience to the public at large, the bank said.
“You are, therefore, once again advised to immediately direct all your branches to accept coins of all denominations tendered at their counters either for exchange or for deposit in accounts,” RBI directed all the banks.
