Banks possessing coins, but not distributing to public to be fined | india | Hindustan Times
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Banks possessing coins, but not distributing to public to be fined

india Updated: Aug 30, 2010 18:31 IST

PTI
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Banks possessing coins, but not circulating them among the public in Jamshedpur and in surrounding areas would be fined, RBI, Patna, Deputy General Manager, Aditya Kishwar, said on Sunday.

Kishwar, who visited the office of the Singhbhum Chamber of Commerce and Industry (SCCI) said that any bank having coins and not circulating them among the public would be fined Rs 5,000.

Assuring Rs 40 lakh in coins would be made available to banks in Jamshedpur this week, Kishwar said he would take up the issue with the State Bank of India and ask them to hold a coin distribution camp with the traders in Jamshedpur in association with SCCI, said Suresh Sonthalia, General Secretary of SCCI, here.

The SCCI has been demanding release of adequate quantity of coins to mitigate the shortage being faced by the businessmen community and the people in East and West Singhbhum and Saraikela-Kharawan for over the last six months.

The RBI, Patna had released Rs 48 lakh in coins following a SOS sent by the SCCI in May.