RBI to close coin, currency note counters

--RBI bank officials protest closure of coins/notes counters

BHUBANESWAR: Reserve Bank of India (RBI), central banking institution of the country, decided to close down its counters delivering coins and currency notes to the public here in the city from July 1 or around. According to the RBI’s Monetary Policy Statement 2012-13, the distribution of coins and currency notes will be channelled through commercial banks.

After the RBI’s announcement, four recognised associations of the bank representing the entirety of bank staffs requested the bank to desist from closing the RBI counters. Protesting the decision taken by the RBI management, the members of the associations in all over India staged demonstration in front of the office on Thursday.

There are eight coin/currency note distribution counters in the RBI branch office here. According to the officials, coins valued around Rs 3.5 lakh were supplied daily from the RBI branch here. Approximately 35 per cent of the total coin transaction takes place here, said All India Reserve Bank Officers’ Association secretary Susant Mohan Mishra.

“RBI decided to shade away the responsibility to distribute coins and notes from its own counters to commercial banks, but over the period RBI has developed an infrastructure and system for the purpose. What would happen to that as huge number of posts will be eliminated affecting future recruitment and career progression,” questioned Singh.