According to sources in the RBI, the volume of coins being pumped in has increased over the past two years. Nearly 70 crore coins of various denominations, worth nearly Rs.195 crore, were disbursed in 2014-15 compared to 41 crore coins of various denominations, worth Rs.107 crore, during the previous year. “In this fiscal, we have already distributed coins worth nearly Rs.190 crore,” sources said.
Besides remitting coins to various bank branches, the RBI is attempting to reach out to various sectors directly to reduce the shortage.
“We are focusing on remitting more coins in bank branches at market areas, including Koyambedu, Purasawalkam and Parry’s Corner. More market area branches were identified last year and nearly Rs. 21 crore worth coins were provided to them between April and December,” officials said.
Moreover, establishments such as hotels and toll plazas that need coins are being identified. Coins are supplied to various places through the nearest bank branches.
This fiscal, about Rs. 3 crore worth of coins have been provided so far. Hotels and traders are encouraged to exchange soiled notes of low denominations like Rs. 10 and Rs. 20 in banks to get coins.
With most counters in the RBI premises closed, the number of people visiting to exchange coins has dropped in the recent months.
Coin pouches
However, coin pouches are exchanged depending on the availability of staff members. “We want to create more venues where people can exchange currency notes for coins. Coin-vending machines are also being provided to various banks,” said an official.
Of the 480 machines installed in various bank branches in the State, 182 machines are in Chennai.
The RBI has also increased the supply to camps in trade fairs and also coin exchange melas conducted by the banks as these reach the customers faster.
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