Banks refuse to accept Rs 19,000 in Rs 10 coins from Mumbai businessman

A small-time trader of tailoring materials in Nalasopara has alleged that banks have refused to let him deposit a sum of Rs19,000 in coins of Rs10.

Khalil Ali Shaikh owns a shop in Santosh Bhuvan, Nalasopara, and earns his living mostly in coins and loose change. Last week, he visited two banks- the Bank of Maharashtra (Waliv, Vasai branch) and Union Bank of India(Fatherwadi branch, Vasai) — where he holds accounts, and requested the tellers to accept his deposit in coins of Rs10.

“None of the banks accepted my coins, and told me to come the next day. When I visited the banks again, they told me that have no time to count so many coins,” said Shaikh.

“Since the past week I have kept the money in my shop, but fear for its safety, as the coins can be robbed easily,” said Shaikh.

When contacted, Naresh Gaikwad, manager of the Union Bank of India, said, “It takes time to count the 1,900 coins, and Shaikh usually came when the banking hours were about to close. We have told him to come on January 30, when the bank reopens early for the week. We will then try to deposit the coins in his account or get it exchanged,” said Gaikwad.

“We do not have the machinery or staff to detect whether the coins are genuine or fake, and it takes time to physically count and examine each and every coin at the counter, when there are huge lines of customers on a working day,” he added.

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