Odisha: RBI To Launch Rural Coin Exchange Drive Amid Denomination Rejection Concerns

Bhubaneswar: Amidst reports of traders and markets rejecting coins of lower denominations, ranging from 50 paise to Rs 20, the Reserve Bank of India (RBI) is set to launch a coin exchange initiative in rural areas. The exchange program will be rolled out across all 314 blocks in Odisha within the next three months.

Addressing the media in Bhubaneswar, Sarada Prasanna Mohanty, the Regional Director of the RBI, announced plans to facilitate the exchange of coins, as well as soiled and mutilated currency notes during the upcoming drive.

Emphasizing that coins from 50 paise to Rs 20 are legal tenders and can be exchanged, Mohanty urged the public to disregard rumours about certain coins being ineffective. He highlighted the option for individuals to deposit coins in banks, emphasizing that no bank has the right to refuse coins from customers.

Mohanty also assured that if banks decline to accept coins, individuals can file complaints with the Lokapal of the RBI, ensuring appropriate action against the non-compliant banks. This initiative follows a surge in individuals visiting the RBI Bhubaneswar branch daily to exchange Rs 2,000 notes, soiled, torn notes, and coins from various parts of Odisha.