Banks refusing coins, small entrepreneurs in distress in UP

Lucknow: Uttar Pradesh government has decided to intervene following rather peculiar complaint from the small and medium level entrepreneurs that the banks in the state are refusing to take Rs 10 coins.

Such adversities this phenomenon has caused distressed some real small industries, who run their businesses on the basis of small denominations and already under stress after demonetisation and GST, are on the verge of losing their working capital.

Ravindra Singh, the general secretary of Laghu Udyog Bharti, the all India organisation in the service of MSME, said hundreds of small entrepreneurs are facing a lot of problems due to this. '' This is absolutely improper on the part of the banks to refuse coins which has led to disruption in day to day business,'' he told newstrack.com.

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Alive to the problem, the Industrial Investment Development Commissioner (IIDC) Anup Chandra Pandey has convened a meeting on Tuesday next to be attended by stakeholders and officials of Reserve bank to address the issue. '' In order to prevent the problem taking another proposition, it is required to nip it in the bud,'' he said.

The government was well aware of the contribution of small industries to the development of state and would strive to solve the problems at the earliest, said IIDC.

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