**Summary:**
RBI Circular RBI201819223 DCM NE No.3057/08.07.18/2018-19, issued on June 26, 2019, addresses the issue of non-acceptance of coins at bank branches. The circular reiterates existing directives outlined in circular DCM RMMT No.2945/11.37.01/2017-18 dated February 15, 2018, and Paragraph 1(d) of Master Circular DCM NE No.G-208/07.18/2018-19 dated July 02, 2018 (updated January 14, 2019), which mandate that bank branches accept small denomination notes and coins. Due to continued complaints regarding non-compliance, the Reserve Bank of India (RBI) is again advising all banks to immediately instruct their branches to accept coins of all denominations for transactions and exchange, ensuring strict adherence to these instructions. The circular is addressed to the Chairman and Managing Director, the Managing Director, and the Chief Executive Officer of all banks. Further inquiries can be directed to Ajay Michyari, Chief General Manager-in-Charge, Department of Currency Management, Central Office, 4th Floor, Amar Building, Sir P.M. Road, Post Box No. 1379, Mumbai – 400 001, India. Contact can be made via telephone at 91-22-2261 0900, fax at 91-22-2267 0570, or email at cgmincdcmrbi.org.in.
Key Entities Referenced
Reserve Bank of India: The central bank of India, referred to implicitly via circular number RBI201819223 DCM NE No.305708.07.18201819
DCM RMMT No.294511.37.01201718: Circular issued by the Reserve Bank of India on February 15, 2018, regarding acceptance of coins.
DCM NE No.G208.07.18201819: Master Circular issued by the Reserve Bank of India on July 02, 2018 (updated January 14, 2019) regarding Facility for Exchange of Notes and Coins.
All Banks: Refers to all banks operating in India, addressed in the notification.
Ajay Michyari: Chief General Manager-in-Charge at the Department of Currency Management, Reserve Bank of India.
Department of Currency Management, Central Office: A department within the Reserve Bank of India responsible for currency management.
Mumbai, Maharashtra: City in India where the Central Office of the Department of Currency Management is located.
RBI/2018-19/223
DCM (NE) No.3057/08.07.18/2018-19 June 26, 2019
The Chairman and Managing Director /
The Managing Director/
The Chief Executive Officer
All Banks
Madam / Dear Sir,
Acceptance of coins
We invite a reference to our circular DCM (RMMT) No.2945/11.37.01/2017-18 dated
February 15, 2018 on the captioned subject and Paragraph 1 (d) of our Master
Circular DCM (NE) No.G-2/08.07.18/2018-19 dated July 02, 2018 (updated as on
January 14, 2019) on Facility for Exchange of Notes and Coins, where it was
advised that none of the bank branches should refuse to accept small denomination
notes and / or coins tendered at their counters.
2. However, Reserve Bank continues to receive complaints about non-acceptance of
coins by bank branches, causing considerable inconvenience to the public at large.
3. You are, therefore, once again advised to immediately direct all your branches to
accept coins of all denominations tendered at their counters for transactions or
exchange and ensure strict compliance in the matter.
Yours faithfully
(Ajay Michyari)
Chief General Manager-in-Charge
भुद्रा प्रफंध विबाग, केन्द्द्रीम कामाारम, चौथीभंज़िर, अभय बफज़्डगं , सय ऩी.एभ भाग,ा ऩोस्ट फॉक्स स ं1379, भुंफई-400001)बायभ(
पोन +91-22-2261 0900 फ़ैक्स : +91-22-2267 0570 ईभेर-: cgmincdcm@rbi.org.in
Department of Currency Management, Central Office, 4th Floor, Amar Building, Sir P.M.Road,Post Box No.1379,
Mumbai - 400 001(India) Tel: +91-22-2261 0900 Fax: +91-22-2267 0570 E-mail: cgmincdcm@rbi.org.in