New Delhi: The Reserve Bank of India has asked banks not to refuse to accept coins of all denominations from customers and any non-compliance may result into penal action.
Despite advisory that none of the bank branches should refuse to accept small denomination notes or coins tendered at their counters, complaints keep coming about non-acceptance of coins by bank branches, RBI said.
Denial to accept coins, either for exchange or deposit, leads to refusal on the part of the shopkeepers and small traders which causes inconvenience to the public at large, the bank said.