After demonetization excess flow of coins in country have become a daily torture of migraine for bankers & customers.Market is flooded with coins & no one really is willing to accept it. RBI bank also not ready to accept coin from banker. Not a single currency chest of bank which is under custody of RBI refuge to accept coin they clearly told the branch bank that we are not ready to accept coin The scenario reminds us the story of over-smart but over-foolish sultan Mohammad Bin Tuglak .During demonetization huge number of coins were minted & circulated by government unmindful which is creating disturbances in bank and market. As per a report many in the wholesale kirana business are left with coins worth about Rs 2 lakh each, while the retailers on an average have a stock of coins worth Rs 3-4 lakh each.They attribute their refusal to banks’ reluctance to take deposits in coins due to lack of chests & crisis of staff strength. A majority of media has tried to portray the bankers as a villain in this context. I would like to draw the attention of my viewers with my ground analysis.
Approx every branch is suffering from staff shortage now days. Bankers are fully busy with social schemes of modi & others. In this perspective excess supply or flow of coins in bank has created additional pressure to common bankers. There is no coin counting or coin sorting machine has been made available for indian bankers. Hence they are bound to count it manually resulting poor and very delayed customer service along tortured situation for staff. Not a single customer ready to take a single coin.
As per section 6 of the coinage act, 2011, coin of any denominations not lower than one rupee for any sum not exceeding one thousand rupees. &half rupee coin for any sum not exceeding ten rupees at a single time.
Normally it takes 15-25 minutes to count 1000 rs in coin depending upon their denominations which bankers are bound to receipt it. Average time to deal such one customer thus will be 20 minutes. It means 3 customers in one hour and merely 21 customers in full working day can be handled . If this is the picture ….then what about those hundreds of remaining customers……how they will be served …..whether they will be returned back after long waiting or working hours will be extended for bankers like moment of demonetization.
Minting a one rupee coin cost one rupee & making a 5 rupee coin cost Rs 3 whereas printing a 10 rupee note cost only .94 paisa . Hence making huge number coins cannot be said a good thing with any sense.
After demonetization… currency chest is still piled with old currencies & they often express their incapabilities to receive coins from branches & branches have insufficient space (small sized cash vault) to hold with them.RBI and higher management are only sticked to circulars & respective acts & government only bothers about their vote bank. There are many things undefined & unclear in law & circular but they deal it like…..sab chalta ….hai …humko kya????..They impose their policies to common bankers unmindful but when matter comes to wage revision….the song of NPA & bank loss is sung everywhere by them..
As per section 6 of the coinage act, 2011, coin of any denominations not lower than one rupee for any sum not exceeding one thousand rupees. &half rupee coin for any sum not exceeding ten rupees at a single time.
Normally it takes 15-25 minutes to count 1000 rs in coin depending upon their denominations which bankers are bound to receipt it. Average time to deal such one customer thus will be 20 minutes. It means 3 customers in one hour and merely 21 customers in full working day can be handled . If this is the picture ….then what about those hundreds of remaining customers……how they will be served …..whether they will be returned back after long waiting or working hours will be extended for bankers like moment of demonetization.
Minting a one rupee coin cost one rupee & making a 5 rupee coin cost Rs 3 whereas printing a 10 rupee note cost only .94 paisa . Hence making huge number coins cannot be said a good thing with any sense.
After demonetization… currency chest is still piled with old currencies & they often express their incapabilities to receive coins from branches & branches have insufficient space (small sized cash vault) to hold with them.RBI and higher management are only sticked to circulars & respective acts & government only bothers about their vote bank. There are many things undefined & unclear in law & circular but they deal it like…..sab chalta ….hai …humko kya????..They impose their policies to common bankers unmindful but when matter comes to wage revision….the song of NPA & bank loss is sung everywhere by them..
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