Coins: Headache for Pune’s transport body as Central bank refuses its deposits
Pune mahanagar parivahan mahamandal limited (PMPML), which has been battling on a number of fronts (like breakdown of buses, lack of manpower, among others) to improve the public bus service in the city now has another problem to contend with. The public service utility is saddled with nearly Rs15 lakh in coins which has been kept in 13 PMPML depots pending acceptance by the Central Bank of India for depositing into its account.
Since October 4, the Central Bank of India has refused to accept coin deposits from the PMPML citing lack of space. This public sector bank holds the account of the PMPML.
“We carry around 12 lakh passengers everyday. The ticket cost is collected in both currency notes and coins. We collect coins worth anywhere between Rs1.5 lakh and Rs 2 lakh every single day,” a PMPML spokesperson said. The bus service has a fleet strength of about 2,000 buses and a daily fare collection of about Rs 1.40 crore.
PMPML chairperson Nayana Gunde, said, “The coin deposit issue has been a regular feature of conversation between the PMPML and Central Bank of India. However, starting from October, the bank, all of a sudden stopped accepting coins from us. We are a government agency working for the benefit of the public. Central Bank must find a solution to this problem, thus, helping PMPML. We cannot request citizens using PMPML services to not give coins. Therefore, as far as dealing with this problem is concerned, Central Bank must come up with some alternative to this problem or start accepting coins from us.”
Pravin Bhargava, assistant general manager and S Mishra, senior manager, at Central Bank of India, MG road Branch, refused to comment on the issue. “We are not authorised to speak with you (reporters),” Bhargava said.
A bank official, however, showed HT images of the room where stacks of coin bags had reached the ceiling of the coin storage room.
A Central Bank official cited a Reserve Bank of India rule which puts a cap of Rs1,000 on the worth of coins that can be deposited in a day by one account holder. However, another RBI notification from February 15, states that “none of the bank branches should refuse to accept small denomination notes and/or coins tendered at their counters.”
Observing that the RBI continues to receive complaints about non-acceptance of coins by bank branches, it warned that any non-compliance in this regard shall be viewed as violation of instructions issued by the RBI.