RBI rolls out 12 Million coins in Mumbai in 10 days

Mumbai, May 22 (UNI) In a bid to meet the surging coin demand, the Reserve Bank of India (RBI) has rolled out 12 million coins in last 10 days as against a normal count of 23 million per month.

RBI chief general manager Alpana Killawala told UNI today that the central bank has also distributed 40 lakh (0.40 million) coins as a special arrangement for bulk demands from organisations like Association of hotels and restaurants, Brihanmumbai electric supply and transport(BEST) undertaking, Retail and dispensing chemists association. It is well prepared to meet even further demands from public, Killawala said.

''Recent reports showing coin shortage in Mumbai were baseless since RBI is keen to avert a shortage in coin supply. Reserve bank has supplied 12 million pieces in last 10 days as against a normal 23 million per month.'', said Killawala.

This apart, coin supply through mobile distribution networks at local markets and bank branches were also carried out eight times last month in which nearly 50 lakh (nearly 0.50 millions) coins were distributed. RBI will conduct four more such efforts shortly, said Killawala.

The recent impression of coin shortage in Mumbai had come up mainly due to the active involvement of coin-racketeers who accumulate coins in large scale and sell it to hoteliers and shop-owners for a larger amount.

UNI