GUWAHATI, Aug 29 � To overcome the shortage of coins in the North East, the Reserve Bank of India has asked the banks operating in the region to install coin vending machines. The apex bank will extend financial support to the bank branches for installation of the machines.
�Installation of coin dispensing machines not only facilitates easy distribution of coins to the public, but also reduces manual handling of coins. Moreover, we will bear 50 per cent of the total cost of the vending machines in urban areas, while in rural areas our share will be 75 per cent,� Surekha Marandi, Regional Director, RBI, Guwahati, told this reporter here today.
Guwahati has been witnessing acute shortage of coins for the past few months, which has caused severe hardship to the common people. Coins, which were readily available earlier, seem to have disappeared from the market. As an alternative, vendors in the city have started using products like sweet candies, toffees etc in place of coins thereby increasing the sale value of these unwanted products.
On shortage of coins, the Regional Director revealed that RBI has been taking measures to ensure that adequate number of banknotes and coins are put in circulation so as to cater to the needs of people over a huge geographical area. �We have been distributing coins in some major areas in the city with our mobile vans. When shortage of coins was reported some innovative measures were put in place to extend the outreach,� she said, adding that RBI is pursuing a policy that each currency chest has a coin vending machine to address the needs of the people.
She also added that for smooth supply of notes and coins, RBI is also planning to increase the number of currency chests in the North East. �We now have 167 currency chests in the region, of which 88 are located in Assam. But in view of the increasing transactions, we have decided to add 10 more in the region during the current fiscal�, she added.
Marandi informed that the RBI has offered service to the public to exchange their mutilated and soiled notes at its counters. �We have also authorized banks in different locations to provide good quality notes and coins to the people,� she said.
It is learnt that millions of Indian coins are being smuggled into neighbouring Bangladesh and turned into razor blades. And that�s creating an acute shortage of coins in many parts of India. These coins are smuggled through the porous border. The metal used for manufacturing coins is suitable for making razor blades.
