Page 53 - Banking Fiannce March 2018

RBI CIRCULAR

6. Covered NBFCs shall prominently display the salient of shopkeepers and small traders, etc., to accept coins
features of the Scheme (in English, Hindi and Vernacular as payment for goods sold and services rendered
language) at all their offices and branches in such a causing inconvenience to the public at large. You are,
manner that a person visiting the office or branch has therefore, once again advised to immediately direct all
easy access to the information. A template for the your branches to accept coins of all denominations
salient features of the Scheme to be displayed is tendered at their counters either for exchange or for
enclosed for reference (Appendix A). deposit in accounts.
7. All the above details along with a copy of the Scheme 2. We further advise that it will be preferable to accept
should also be prominently displayed on the web-site coins, particularly, in the denominations of ? 1 and 2,
of covered NBFCs. by weighment. However, accepting coins packed in

8. The Non-Banking Financial Company - Systemically polythene sachets of 100 each would perhaps be more
Important Non-Deposit taking Company and Deposit convenient for the cashiers as well as the customers.
taking Company (Reserve Bank) Directions, 2016,Non- Such polythene sachets may be kept at the counters
and made available to the customers. A notice to this
Banking Financial Company - Non-Systemically
effect may be displayed suitably inside as also outside
Important Non-Deposit taking Company (Reserve Bank)
the branch premises for information of the public.
Directions, 2016, Non-Banking Financial Company -
Account Aggregator (Reserve Bank) Directions, 2016, 3. In order to obviate the problems of storage of coins at
and Non-Banking Financial Company - P2P (Reserve the branches, coins may be remitted to the currency
Bank) Directions, 2017 have been updated with the chests as per the existing procedure. The stock thus
instructions contained hereinabove. built in the currency chest should be utilised for the
purpose of re-circulation. In case the stocks of these
Yours faithfully, coins reach beyond the holding capacity of the currency
(C.D.Srinivasan) chest for lack of demand, the Issue Department of the
Chief General Manager Circle may be approached for remittance of coins.
4. The Controlling Offices may be advised to pay surprise
Acceptance of coins visits to the branches and report the position of
compliance in this regard to the Head Office. The
RBI/2017-18/132
reports may be reviewed at the Head Office and
DCM (RMMT) No.2945/11.37.01/2017-18 prompt remedial action taken, wherever necessary.
1. We invite a reference to Paragraph 1 (d) of our Master 5. Any non-compliance in this regard shall be viewed as
Circular DCM (NE) No. G - 1/08.07.18/2017-18 dated July violation of instructions issued by the Reserve Bank of
03, 2017 on Facility for Exchange of Notes and Coins India and action including penal measures as applicable
where it was advised that none of the bank branches from time to time, may be initiated.
should refuse to accept small denomination notes and 6. Please acknowledge receipt.
/ or coins tendered at their counters. However, Reserve
Bank continues to receive complaints about non- Yours faithfully
acceptance of coins by bank branches. Such denial of (Uma Shankar)
service has reportedly, in turn, led to refusal on the part Executive Director

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