Employees protest in front of the Reserve Bank of India in Bhubaneswar. Picture by Ashwinee Pati

Bhubaneswar, Feb. 21: Vendors of various daily markets demonstrated outside the Reserve Bank of India (RBI) office here today alleging that neither nationalised, nor private banks were providing them with adequate small change.

The vendors alleged that with the closure of money exchange counters in the RBI since February 17, both private and nationalised banks, which are supposed to provide small denomination coins, were not doing so.

“In most cases when we visit banks designated for disbursing coins, the bank officials fail to give us the change. The banks provide the small changes to brokers and at times, even tell us that the RBI was not supplying them adequate small change,” said Santosh Kumar Sahoo, a demonstrator.

The RBI employees, under the banner of United Forum of Reserve Bank Officers and Employees, also joined in the agitation against closure of the currency exchange counter.

“The RBI used to provide coins. But the decision to shut down the cash counters has hit small vendors. Moreover, other banks are not helping and this is adding to the problems,” said convenor of the forum Purnachandra Behera.

The coin exchange counter at the RBI, Bhubaneswar, used to function from 9.45am to 2.15pm on working days.

As many as 14 private and nationalised banks have been assigned to provide small change coins through their currency chests and more than 20 coin-vending machines are there in the city, including four on the premises of RBI.

On a day, one can get a maximum of Rs 200 in coins. RBI officials said 130 currency chests were in operation across the state for currency exchange and distribution of small change. Also, 53 coin-vending machines operate across the state.

However, in most cases, vendors allege that most banks deny coins to them because they prefer to distribute the coins to mall owners and other businessmen, especially bus owners. An RBI official said that each of the currency chests operational in the city were being provided with coins worth Rs 18 lakh on a monthly basis.

However, RBI officials refuted the allegations made by the vendors.

“Adequate coins are being provided to the currency chests in the city. Besides, we have been conducting frequent coin melas in the city to distribute coins,” said an RBI official.