An initiative by the Reserve Bank of India (RBI) has seen vending machines filled with coins installed in various bank branches.
The coin vending machines (CVMs) are to provide the public with access to coins if they find themselves short of the necessary coin denominations required when paying for items such as bus fares or groceries.
India has reported a shortage of coins during the past few years. Coin handlers such as retailers, street traders or hoteliers all state that coins are difficult to come by, and coin dealers have been seen to increase their commission by as much as 40%.
The incentive by the RBI is hoped to reduce the coin crisis, making coins readily available to the public and helping to put more coins back into active circulation.
“The move by the banks is expected to gain popularity with the public looking for coin vending machines the way they look for ATMs.” J Sadakkadulla, Regional Director of RBI
The coins available from CVMs are in denominations of Rs.1, Rs.2, Rs.5 and Rs.10. People can obtain coins up to the value of Rs. 100.
So far, eight banks have installed CVMs, including Indian Overseas Bank (IOB) which states it will provide 24 coin vending machines.
“[the] IOB will be on the lookout for more locations to install CVMs for the public’s convenience.” M Narendra, Chairman and Managing Director, Indian Overseas Bank.
Source: Indian Express