Reserve Bank of India: ‘Branching’ out to ease coin crunch. A Telegraph picture

The Reserve Bank of India (RBI) will run mobile counters at markets, following complaints of a scarcity of coins from traders, bus operators and police. Coins will be available at the counters in exchange of currency notes.

The counters will be functional at Jadavpur, Gariahat, Maniktala, New Market, Chandni Chowk and College Street from June 12.

“There is no scarcity of coins of any denomination. We have enough stock. But of late, traders and the police have been complaining that a racket has been melting coins and selling the metal,” said a senior Reserve Bank of India official.

Traders have been queuing up at RBI counters across the city to exchange currency notes for coins. “We are trying to help traders and transport operators who deal with coins on a daily basis. Coins worth Rs 5 lakh will be distributed from the New Market counter on the first day. This will convince the people that there is no scarcity,” added the official.

According to Bengal Bus Syndicate secretary Rabindranath Saha, the bus operators have been going through a tough time because of non-availability of coins. “There is a shortage of coins in the market and the bus-owners are losing out every day as they have to pay illegal money-changers 15 per cent more for exchanging notes with coins.”

The bank will try to ensure that illegal money-changers do not collect coins from the mobile counters.

“We will deploy our own people alongside bank officials so that no one can cheat the bus operators,” said Saha.