RBI opens stall at Chithirai expo

Coins worth Rs. 3 crore distributed, says RBI GM

April 24, 2015 12:00 am | Updated November 16, 2021 07:00 pm IST - MADURAI:

Creating awareness:K. Neethi Ragavan, General Manager, Reserve Bank of India, at the stall of the apex bank at the Chithirai exhibition in the city.— Photo: R. Ashok

Creating awareness:K. Neethi Ragavan, General Manager, Reserve Bank of India, at the stall of the apex bank at the Chithirai exhibition in the city.— Photo: R. Ashok

In a bid to raise awareness and financial literacy among the public, the Reserve Bank of India opened a stall at the Chithirai exhibition on the Tamukkam Grounds here on Thursday.

Inaugurating the stall, K. Neethi Ragavan, General Manager, said the primary aim in setting up a stall was to create awareness among the public of the various functions and departments of the RBI as well as simple banking procedures and schemes.

Lauding the efforts of commercial banks in the district which had organised a day-long soiled notes exchange mela on Thursday, Mr. Neethi Ragavan said that coins worth Rs. 3 crore had been distributed and soiled notes worth Rs. 1.5 crore exchanged.

“The mela took place in 45 bank branches in the city and the response was very good. The supply of coins has been improving and with the introduction of coins worth Rs. 3 crore, we hope the circulation further improves,” he said.

To help facilitate the exchange of soiled notes and supply coins to the people, the ICICI bank opened a counter at the stall in the expo which would be open from 5 p.m. to 7 p.m. for the next seven days after which the Tamil Nadu Mercantile Bank would take over for eight days during the expo.

M. Natarajan, a resident of Kalavasal who exchanged a soiled note of Rs. 1,000 denomination for a bundle of new Rs. 10 notes, said that the facility was extremely useful.

To help traders

“Apart from the general public, we also expect many shopkeepers and small-scale traders to make use of this facility to procure coins and also exchange soiled notes,” an official at the stall said.

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