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First Coin mela held in the State to contain coin scarcity

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‘Coin is the symbol of consciousness for money’

Dimapur, August 4 (MExN): Consumers can now expect change from the retailers instead of candies since the State Bank of India conducted Coins Distribution Mela today, August 4 at Old Daily Market in Dimapur, which is first of its kind in Nagaland. The same Mela will be conducted in Kohima on August 8.

The State Bank of India carried out this programme on the instruction of Reserved Bank of India due to shortage of coins in the market. Coins were distributed to public and shopkeepers by exchanging banknotes (Rs 500) with coins. The coins denominations were Rs 5, Rs 2 and Re 1 and altogether Rs 4,95,000 were distributed today.

The AGM of SBI regional Branch AK Das said there is no shortage of coins but it is the people who store it away and refrain it from circulating it in the market, adding that coin circulation would automatically result to fair dealing.
Commenting on how youngsters ignore the value of money, he said coin is the symbol of consciousness for money and everyone should value it, stating that people should discourage excepting sweets or toffees instead of change (coins). He also said this kind of ‘mela’ will be conducted frequently if needed.

He also informed that SBI Old Market branch and SBI Dimapur Bazaar Branch will be dealing with Small and Medium Enterprises (SME). Retailers who need loans can contact these two branches.

On the same subject, entrepreneur Chandu Agarwal said: “Scarcity of coins is just in our mind” and people should stop storing coins but let it circulate. He also appealed the business community to return change to the customers and not sweets, adding that business community have been ridiculed for this very act, which is very embarrassing.
Further, Businessman Anil Jain spoke during the programme, he said when SBI first established its bank in Dimapur there were 10 account holders and he was one of them. Since then his association with the bank remained strong. He also advised the gathering not to store away coins and requested the retailers to give the exact change to the customers and not sweets.

Earlier, the GB of Marwari Patti Daniel appreciated the effort of SBI and Anil Jain for taking the initiative organising the mela, adding that not only today but in future this kind of initiative will be carried out.

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