KARIMNAGAR, OCTOBER 14, 2024: To remove misconceptions and to address the issue of reluctance among traders and the public to accept Rs.10 coins due to suspicion about their genuineness, the Union Bank of India (UBI) officials on Monday distributed Rs.10 coins among traders and people of the Karimnagar and Mancherial towns.
The UBI officials held an awareness campaign on the acceptance of Rs. 10 coins for traders in coordination with the Reserve Bank of India (RBI) at the Bank’s zonal office. In continuation of various efforts/initiatives taken by the Reserve Bank of India, it has also initiated a public awareness campaign on acceptance of ₹10 coins in coordination with select banks on October 14 & 15, 2024. It has been observed that in the states of Andhra Pradesh & Telangana, there appears to be a reluctance among traders/small businesses and members of the public to accept ₹10 coins. 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.
Amongst other things, the campaign focuses on each bank branch of these select banks approaching at least ten retail customers/PM Svanidhi beneficiaries/small business/Kirana stores etc. for pasting/affixing awareness pamphlets, re-affirming the legal validity of ₹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 should be through ₹10 coins. Further, field staff/ Business Correspondents (BCs) attached to the bank have also been deployed to local marketplaces (like Ryuthu Bazaars etc), as part of the awareness campaign.
It is again emphasized that the Reserve Bank of India puts into circulation coins minted by the Government of India mints from time to time. Given the longer lifespan of coins, multiple designs and shapes coexist in the market simultaneously. Thus far, the Reserve Bank of India has issued ₹10 coins in different designs. It is re-emphasized that ₹ 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.
UBI Regional head D Aparna Reddy, , deputy regional head V Radha Krishnan, currency chest manager PVV SC Murthy, other branch managers Vivek, Anurag, Rajitha, G Krishna and Harikrishna Reddt, Mancherial chest manager B Kishore Kumar and others were also present.’
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