Chennai:
If you don’t have loose coins to pay the bus fare or the bills in the grocery store, all you have to do is go to a coin vending machine to your nearest location and stock them up for your purchase.
Thanks to the initiative of Reserve Bank of India and banks across the country, the city will soon be having 65 coin vending machines (CVMs) at various bank branches.
J Sadakkadulla, regional director of RBI said that the move by the banks is expected to gain the popularity with public expected to look for coin vending machines the way they look for ATMs.
The coins will be available in denominations of Re 1, Rs 2, Rs 5 and Rs 10. Bankers say two or three denominations of coins will be dispensed. Interestingly, the maximum limit for using the coin vending machines is Rs 100.
Interestingly, eight banks have installed coin vending machines. Indian Overseas Bank chairman and Managing director M Narendra said that his bank would be installing 24 coin vending machines.
Thanking the RBI for encouraging the bank to install more coin vending machines, he said IOB will be on the lookout for more locations to install CVMs so that public are not put to inconvenience for want of coins.
Surprisingly, a foreign bank has also joined the initiative. Standard Chartered Bank official said they would also be setting up a coin vending machine in Anna Nagar. The new CVms are in addition to 120 coin vending machines already in use in Tamil Nadu.
Sadakkadulla said RBI is planning to bring Tanjore and Thoothkudi under the Lead Bank Scheme under which there will be no coin or currency shortage. Already the scheme has successfully being implemented in Karur, he said. Interestingly, RBI is also planning to bring all districts under the scheme.
Sadakkadulla said that banks are being incentivized for establishment of CVMs and machines which extend cash related retail services to the public
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