Connect with us

Hi, what are you looking for?

News

Banks in UAE refusing coins

Commercial banks in the UAE are not accepting coins in exchange for bank notes or vice versa. These banks are also not accepting coins as deposit from customers. The central bank has, however, warned the banks that this practice is tantamount to non-compliance with their legally mandated duties. It said the subject of complaint of individuals/institutions is that commercial banks, with whom they maintain accounts, refuse to deposit their dirham coins into their accounts or dispense their dirham coins requirements. It added that it endeavors at great cost and effort to always avail adequate dirham banknotes and coins to commercial banks and other financial institutions to cover the currency market needs, to serve the public and the institutions of the UAE. It told the banks that they must accept from their customers to deposit or withdraw dirham coins from their accounts at their request, and refusal to do so is a non-compliance of their legally mandated duties and gross violation of banking practice.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.