THIRUVANANTHAPURAM: Reserve Bank of India’s counters delivering coins and currency notes to the public here and in Kochi are likely to be closed down shortly. Moves are afoot in tune with the annual policy statement of the RBI for 2012-13 to wind up the facility across the nation. Henceforth, the distribution of currency notes and coins will be channelled only through the currency chests and bank branches.There are five coin/currency dispensing counters in the RBI office here and two in Kochi office. If the counters here cater to 700-800 retail customers daily, the Kochi counters attract much more. One or two packets of coins of Rs 1, 2 and 5 and currencies for a limited volume are released to customers from the counters on demand. RBI arranges distribution of currency notes and coins through its offices as well as a network of commercial banks.Regular supply of notes and coins through around 5,000 currency chests and more than 4,000 small coin depots across the country is ensured. As per the RBI data, 1,12,184 million pieces of coins valued at Rs 12,628 crore were in circulation in March 2011. It must have crossed 11,225 crore pieces by now, but it has failed to supply coins/small denomination notes to retail customers.“If the RBI totally withdraws from the scene this will send a signal to the racketeers and the common people will be the worst victims. This will throw the entire currency management into a state of anarchy,” feared Thomas Joseph, convener, United Forum of Reserve Bank Officers and Employees and secretary, Reserve Bank Employees Association (RBEA).While the Central Bank will be shorn of one of its core functions, the move will also deprive the public of a valuable service enjoyed by them for decades.Coins supplied by the RBI remain accumulated or distributed only in bulk in preference to the retail customers, small businessmen etc., who are mostly in need of coins. It often aggravates the crisis and people in cities rush to the RBI counters. But RBI restricts entry of customers, creating panic about shortage of coins, even when the fact is otherwise.“In fact, deployment of more staff and technology is what is needed, instead of closure of counters citing staff shortage,” felt V Raveendran, secretary, All India Reserve Bank Officers Association (AIRBOA).
Comments
0 comment