RBI conducts awareness campaigns on acceptance of Rs.10 coins in Telangana

It has been observed that in Telangana and Andhra Pradesh, there appears to be reluctance among traders/small businesses and members of the public to accept Rs.10 coins

Hyderabad: In continuation of various efforts/initiatives taken by the Reserve Bank of India, it has also initiated a public awareness campaign on acceptance of Rs.10 coins in coordination with select banks on October 14 and 15.

It has been observed that in Telangana and Andhra Pradesh, there appears to be reluctance among traders/small businesses and members of the public to accept Rs.10 coins.

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This reluctance seems to stem from suspicion arising out of fake news/messages about the genuineness of these coins spread around the state by scrupulous elements.

As per RBI Directions, union Bank of India staff approached retail customers/PM Swanidhi beneficiaries/small business/kirana stores etc. for pasting/affixing awareness pamphlets, re-affirming the legal validity of Rs.10 coins at a prominent place in their establishment.

Furthermore, a reasonable part of all cash withdrawals by bank’s customers from the branch during these two days through Rs.10 coins with a slogan that “We Accept and You Accept”.

Further, field staff/ Business Correspondents (BCs) attached to the bank have also been deployed to local marketplaces (like Rythu Bazaars etc), as part of the awareness campaign.

It is again emphasized that RBI puts into circulation coins minted by Government of India mints from time to time.

Given the longer lifespan of coins, multiple designs and shapes coexist in the market simultaneously.

It is re-emphasized that Rs.10 coins, regardless of design, are legal tender and can be accepted for transactions without any hesitation. The Reserve Bank of India has re-iterated to all banks to accept these coins for transactions and exchange at all their branches.