The first of its kind coin vending machine has been installed by the Corporation Bank has at its Car Street Branch at Mangalore. The bank is the first one to take this initiative to lessen the acute shortage of coins in the city. The coin vending machine scans the note inserted into it for genuineness and upon being satisfied it can dispense two types of coins.
There are two hoppers in the machine in which three types of coins of different denominations five, two and one can be stored.
For instance if a Rs 50 note is inserted in the machine, after verification of the genuineness of the note it will dispense five Rs 5 coins and 25 Rupee 1 coins. This is however, subject to stock of various denominations of coins in the machine. The machine accepts notes of denominations Rs 10, Rs 50 and Rs 100 only.
The vending machine has been installed for public particularly for individuals and retail businessmen.