RBI holds meeting Over coin-storage crisis of banks in Shirdi, instructs them to accept coins by the Saibaba temple

Reserve Bank of India has instructed nationalised banks to continue to accept coins deposited by Saibaba temple at Shirdi in Maharashtra, temple's managing body said Wednesday.

Earlier, some banks, where Shri Saibaba Sansthan Trust (SSST) has accounts, h expressed inability to accept huge amount of coins which are collected in temple's donation boxes every day.

banks h cited lack of for storing coins in ir Shirdi branches as reason.

RBI convened a meeting at its Navi Mumbai office Wednesday and directed banks to accept coins and cash deposited by temple authorities, said Deepak Muglikar, chief executive officer of SSST.

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temple trust suggested that as a temporary measure, it could make available rooms with security and CCTV cameras for keeping coins on banks' behalf, and Central bank agreed to proposal, Mr Muglikar told PTI.

Money deposited in temple's donation boxes is counted twice a week. On aver, every counting yields coins worth Rs. 5 lakh among cash of around Rs. two crore.

Last year, temple h received cash donations of Rs. 165 crore, of which Rs. 4 crore were in form of coins.

As of today, Rs. 1.5 crore of SSST's money in form of coins is with 11 banks where trust has accounts, a trust official said.

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