2016-02-15 Mon

The Reserve Bank of India, Chennai has taken a very innovative measure by reaching out to hotel associations, trade associations and toll plaza operators to make coins available for various sectors in the city. There has been a significant rise in the use of coins because nearly 70 crore coins of various denominations, worth nearly Rs.195 crore, were disbursed in 2014-15 as 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. More coins are remitted in bank branches at market areas, including Koyambedu, Purasawalkam and Parry’s Corner. “Many such branches were identified last year and nearly Rs. 21 crore worth coins were provided to them between April and December,” officials said. Moreover, coins are supplied to establishments such as hotels and toll plazas through the nearest bank branches. Hotels and traders are encouraged to exchange soiled notes of low denominations like Rs. 10 and Rs. 20 in banks to get coins. “Coin-vending machines are also being provided to various banks,” said an official.