Tamil Nadu Looks Forward to Acquire Additional Coin-Vending Machines
Posted on: 26/Feb/2014 2:32:07 PM
Ensuing the exhort from the Reserve Bank of India (RBI), public sector lenders all along with the private and foreign banks have been cogged up in establishing Coin Vending Machines (CVMs) in their respective branches for exchange of currency notes with coins.
Also, it has been insisted to set these CVMs in many busy public places in the city like bus and railway stations in order to craft painless life for public mainly for traders. These machines are projected to glitch the problem of coin shortage.
Across Chennai, a total of about 65 CVMs have been inaugurated recently in several bank branches.
Mainly these CVMs were installed by eight banks including: Indian Overseas Bank(24), Indian Bank(15), State Bank of India(10), Canara Bank(5), Bank of India(5), Axis Bank(4), Standard Chartered Bank(1) and TNSC Bank(1). Soon machines are expected to install in the Union Territory of Pondicherry.
With the CVM proposal, exchange of currency notes for coins will be accessible at the doorway, to the public, said J. Sadakkadulla, Regional Director of RBI.
The machines will be capable of scanning the inserted note for its genuineness and doles out the coins. The coins will be rendered in denominations of Re. 1, Rs. 2 Rs. 5 and Rs. 10.
