First the news: "Thanks to the initiative by Reserve Bank of India and the banks across the country, the city will soon be having 65 coin vending machines (CVMs) at various bank branches.
A senior RBI official said that the move by the banks is expected to gain popularity with the public looking for CVMs the way they look for ATMs.
Coins will be available in denominations of Rs.1, Rs.2, Rs.5 and Rs.10. Bankers say two or three denominations of coins will be dispensed. The maximum limit for using the coin vending machines is Rs.100."
The question that most of us are asking is what to do after collecting the coins. You can may be pay the the bus fare but not bills in grocery stores, electricity boards or even property tax offices.
We are puzzled. It would be fair to say that we are even chagrined.
Recently an old lady, seeking alms on Mount Road, flung back a one rupee coin at an out of town driver, saying "If you have money to drive a car you should have money to have notes and not coins."
A foreign bank, Standard Chartered, has also joined the initiative, though it is very doubtful whether its CVMs will be used by its clientele, most of whom form the new middle class, while the others are merely the idle rich.
And here's a "Rock and The Roll" song Madras style:
https://www.youtube.com/watch?v=56vqU9lnxF8&list=PLLonEXKwxFKJV6tDd90RxvOG8xmHZlVDg
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