Rs.20 Denomination Coin. Year 2020.

Started by velind, November 23, 2020, 08:00:20 AM

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velind






Bimat

Looks nice - the shape is a pleasant surprise!

You have to wonder requirement of a new denomination at this stage though - the demand for coins is decreasing anyway and since we already have a ₹20 banknote, people will always prefer carrying a note and not a coin...

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

velind

No clue why the Rs. 20 denomination coin has been issued.

Most of the banks I inquired with were reluctant to handle Rs. 20 coins as they are still stuck with many bags of Rs. 10 coins.

RBI should launch a major media awareness program to educate people about accepting Rs. 10 and Rs. 20 coins.

Otherwise, the Rs.20 coin will end up as a collector item only.

dheer

Acceptance of new denomination coins is generally low. In current circumstances with digital push, in urban India the demand and desire to handle coins is less... even small tea vendors ask for digital payments instead of coins.... not sure how much rural India will push the demand...
We have to wait for few years.... yes the adoption of rs 10 is still low after 12 years in circulation....
However the adoption of Rs 5 coins was much faster in 5 years
http://coinsofrepublicindia.blogspot.in
A guide on Republic India Coins & Currencies

Pabitra

Once they stop printing of Rs 10 and 20 notes, the demand for coins will go up.
Currently 10 Rupees notes were being issued since the mints were unable to mint the requisite quantity.
Now the mints have capacity to mint more, there are all the reasons to stop low denomination notes.

Bimat

Mom received the ₹20 coin for the first time - it eventually ended up in my collection. :) The coin is dated 2020 and is still shiny. Mumbai mint.

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Figleaf

Quote from: dheer on November 23, 2020, 06:32:41 PM
In current circumstances with digital push, in urban India the demand and desire to handle coins is less... even small tea vendors ask for digital payments instead of coins.... not sure how much rural India will push the demand...

What system is being used for electronic small payments? I suppose credit cards would be too expensive...

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Pabitra

If I am not mistaken, the most popular are services based on smartphones, with brand names like UPI, Yono, Paytm etc.
Paytm is the leading, a startup with market value of a billion dollar ( also called  a Unicorn), soon going public.

Figleaf

Thank you, Pabitra. I googled those, expecting to find something like ApplePay. Yono SBI fits the bill. Paytm seems to be yet another bank, offering a debit card (i.e. you must have an account with them and other debit and credit cards won't work), like ING. There is a company called UPI that is comparable to (Transfer)Wise, i.e. specialised on international transfers. It would be handy for expatriate Indians but of no use to tea vendors.

There is also a protocol called Unified Payments Interface (UPI) that allows multiple bank accounts to use the same app, the sort of thing that would drive Yono SBI and ApplePay. Handy for banks and services like Yono SBI and ApplePay, not of interest to tea vendors. I suspect the tea vendors could use Yono SBI as long as they have an account with a bank that uses the UPI protocol (not the company).

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Pabitra

This is detailed of Paytm. See their site or Wikipedia.

SBI and other banks have an app for UPI, called Bhim. Even alms seekers seem to patronise it. The donor has just to click the QR code from their smartphone app and just feed the amount.

Bimat

Going back to coins... Received the ₹20 only couple of times in last 2-3 years but must admit that my cash transactions are close to nil these days. 9/10 times I make it digitally (GPay/BHIM) as even the roadside tea vendor will also have a QR code for payment. Do not even remember when did I receive a ₹100 or a ₹200 banknote in change...

₹10 coins are pretty common these days, but to my surprise, when we were travelling to Maharashtra/Karnataka border last year (Solapur area), nobody accepted them, literally no one. ₹20 coins I have seen so far are always shiny as if they were struck yesterday, meaning that their penetration is quite low...

Aditya
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.