Indian banks began to struggle with change

Banks in India began to refuse to accept coins, give as a reason that working with change requires human resources to calculate the change due to the lack of special equipment. The decision of financiers has already affected small business, trade, religious institutions dealing with coins – the amount of money began to accumulate.

According to Hindustan Times, the temple of Pahari Mandir in Ranchi, dedicated to Shiva, has accumulated coins totaling 450 thousand rupeesover the past few months.
Bankers say that they have no place to store such a huge amount of coins. We contact traders and get rid of coins in 5 and 10 rupees. But there are no people willing to take the coins in one and two rupees, - complained the Deputy Treasurer of the temple Pahari,NiteshLohiya.

According to the priest from the Jaipur temple Shani Mandir Raj Kumar, banks have refused to accept coins for the past six months. He used to deposit coins in the amount of 7 thousand rupees monthly. India's largest publishing house, HT Media Ltd, has accumulated change for nearly four million rupees from newspaper sellers. Earlier,businessmen could donate 400 thousand rupeesto the banks only.

The situation is known in the main financial institution of the country – the Reserve (state) Bank of India (RBI). Regulators obliged banks to accept coins, but not all bankers hurried to carry out the order of the management, in turn, making claims to customers who refuse to take change in banks.

Banks accept coins, but customers always refuse to accept coins from banks. In such a situation, each bank is full of coins, - said the President of the Staff Association of the State Bank of India, Rajesh Tripati.