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The Reserve Bank of India has been advising and asking the public sector, private sector and foreign banks in India to provide ‘Coins Vending Machines”/CVMs in and near their branches and ATMs and in public places, the banks in India are installing CVMs in many places.
To get coins in exchange of currency notes the public will have to insert currency note inside the CVMs and the CVMs will scan the inserted note, verify its genuineness and dispense coins of an equal value.
The coins will be available in denominations of Re. 1, Rs. 2 Rs. 5 and Rs. 10, of which any two or three denominations will be dispensed.
In the state of Tamilnadu, there are already 120 CVMs and recently, 65 CVMs have been installed in the Chennai City at various places and still more 85 CVMs will be installed in the states of Tamilnadu and Pondicherry excluding the Chennai City.
The following are the banks details of the 65 CVMs installed recently in the Chennai City:
- Indian Overseas Bank (24),
- Indian Bank (15),
- State Bank of India (10),
- Canara Bank (5),
- Bank of India (5),
- Axis Bank (4),
- Standard Chartered Bank (1)
- and TNSC bank (1).