Banks refuse to accept coins from customers

Banks refuse to accept coins from customers

How can banks refuse to accept coins? Register FIR if you face this situation.

Banks refuse to accept coins from customers

It is shocking that certain banks are refusing to accept coins from customers when these coins have been used by RBI itself. Despite the guidelines issued by Reserve bank of India, SBI, BOB, UCO Bank, ICICI and PNB in Udaipur are refusing to deposit coins with denominations of 1,2, 5 and 10 rupees.

All the above mentioned banks flatly refused to accept coins saying their banks do not accept coins. It was surprising since the coins have not been minted by public but issued by RBI.

A bank employee from UCO Bank Bank in Bapu Bazar refused to accept coins saying that UCO doesn’t accept coins. When asked to furnish reasons, the employee pretended not having heard the question. An employee at Dena Bank, Bapu Bazar, said that a total of coins worth 1000 rupees can be accepted by them not more than that, hence refusing the client from accepting coins. Similarly SBI also refused but none of the banks gave valid reason for not accepting coins.

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When one of the bank officers was informed about this situation, he said that coins worth 1000 rupees will be accepted only if the attender is present for counting the coins. He said that coin-counting is a time consuming job. The Deputy Manager and the cashier at ICICI Bank, Bapu Bazaar also refused to accept coins. When the Manager was contacted, she said that the bank cannot refuse to accept coins and it already has coins worth 45 lakh rupees.

The question is how banks can refuse to accept coins when the coins have been issued by RBI. Secondly, there is a provision as per which people can register FIR against the bank that refuses to accept coins. A 7 year jail term can be given to the employee denying coins. Consumer Forum must be approached in case a bank refuses to accept coins.

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