CONSUMER EDUCATION AND PROTECTION

The Reserve Bank’s approach to customer service focusses on protection of customers’ rights, enhancing the quality of customer service, spreading awareness and strengthening the grievance redressal mechanism in banks and also in the Reserve Bank.

Notifications

(163 kb)
Date : Jun 26, 2019
Acceptance of coins

RBI/2018-19/223
DCM (NE) No.3057/08.07.18/2018-19

June 26, 2019

The Chairman and Managing Director /
The Managing Director/
The Chief Executive Officer
All Banks

Madam / Dear Sir,

Acceptance of coins

We invite a reference to our circular DCM (RMMT) No.2945/11.37.01/2017-18 dated February 15, 2018 on the captioned subject and Paragraph 1 (d) of our Master Circular DCM (NE) No.G-2/08.07.18/2018-19 dated July 02, 2018 (updated as on January 14, 2019) on Facility for Exchange of Notes and Coins, where it was advised that none of the bank branches should refuse to accept small denomination notes and / or coins tendered at their counters.

2. However, Reserve Bank continues to receive complaints about non-acceptance of coins by bank branches, causing considerable inconvenience to the public at large.

3. You are, therefore, once again advised to immediately direct all your branches to accept coins of all denominations tendered at their counters for transactions or exchange and ensure strict compliance in the matter.

Yours faithfully

(Ajay Michyari)
Chief General Manager-in-Charge

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