HDFC Bank, India's leading private bank, conducted a two-day Public Awareness Campaign (PAC) in Telangana to promote the use and acceptance of ₹10 coins. The initiative, organized in collaboration with the Reserve Bank of India, saw the distribution and exchange of ₹10 coins worth over Rs 10 lakhs. The campaign targeted different types of customers, including retailers, traders, and small businesses, and aimed to build trust and confidence in the use of coins in daily transactions. With the success of this campaign, HDFC Bank hopes to encourage the circulation of coins in smaller towns and cities.
HDFC Bank Conducts Public Awareness Campaign to Promote ₹10 Coins in Telangana
Background
The Reserve Bank of India (RBI) has been promoting the use of coins in India to reduce the dependence on paper currency and facilitate smaller transactions. In line with this objective, HDFC Bank, India's leading private bank, has been conducting Public Awareness Campaigns (PACs) across the country to encourage the circulation and acceptance of ₹10 coins.
Telangana Campaign
Recently, HDFC Bank conducted a two-day PAC in Telangana in collaboration with the RBI. The initiative was aimed at building trust and confidence in the use of coins in daily transactions among retailers, traders, and small businesses. The bank distributed and exchanged ₹10 coins worth over Rs 10 lakhs during the campaign.
Success and Impact
The campaign in Telangana was a resounding success, with an overwhelming response from the public. The distribution of coins and the awareness created about their importance has led to increased circulation and acceptance of ₹10 coins in the region. HDFC Bank hopes that this initiative will encourage the use of coins in smaller towns and cities, where they can play a significant role in daily transactions.
FAQs
1. Why is the RBI promoting the use of coins?
The RBI aims to reduce the dependence on paper currency, which is more expensive to print and maintain. Coins have a longer lifespan and are more cost-effective for smaller transactions.
2. What is the difference between a commemorative coin and a regular circulation coin?
Commemorative coins are issued to mark special occasions or events and are not intended for regular circulation. Regular circulation coins, such as the ₹10 coin, are designed for everyday use.
3. Is it legal to refuse coins as payment?
No, it is illegal under Section 20 of the Indian Coinage Act to refuse coins as payment for any transaction in India.
4. What should I do if I receive a counterfeit coin?
Counterfeit coins should be reported to the police or the nearest bank branch. Do not attempt to use or circulate them, as it is a punishable offense.
5. How can I get more information about coins issued by the RBI?
The RBI maintains a dedicated website (http://rbi.org.in/currency/coins.aspx) where you can find information about all coins currently in circulation, as well as guidelines and updates on coinage.
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