Abundance too creates crisis! Here in Palamu nationalised banks and branches of Vananchal Gramin Banks have abundance of coins with it but no taker of it leading to a great crisis of storage of coins in their institutions!
An official of the Bank requesting not to be identified said there are coins worth more than Rs eight lakh stashed in the branch which has occupied one room of this already small space but there is no way out to dispose of the stock.
There is a straight instruction from RBI not to refuse coins at the counter which make bank officials duty bound. NC Shukla, Regional Manager of Vananchal Gramin Bank said, “Our rural branches are stuffed with coins. Its storage is a big problem. Our bank officials are keeping the coins in gunny bags. At some branches it is being kept in trunks.”
On why this situation has arisen Shukla said accountholders feel free to deposit coins but when asked to accept coins from banks just refuse to oblige. No account holder is any ready to accept coins.
Chief Manager of SBI Main Branch Ajit Kumar said on this issue, “The pathway of coins is just one way. It is banks should receive but should not give coins to account holder. Is this any healthy way to tame the rise of coins in our banks? If coins come it should also go to the account holders but here it is just one way traffic.”
