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Demonetisation: Cash crunch on, bankers protest RBI’s ‘confusing’ rule changes

Protesting employees criticised the RBI’s regulation issued Tuesday, assigning bank officials the “investigative” task of questioning customers and checking deposits more than Rs 5,000.

By: Express News Service | New Delhi | Published: December 22, 2016 1:13 am
demonetisation, AAP demonetisation, note ban AAP note ban, Narendra Modi, Modi, Adarsh Shastri, news, latest news, India news, national news Protesting employees criticised the RBI’s regulation issued Tuesday, assigning bank officials the “investigative” task of questioning customers and checking deposits more than Rs 5,000.

More than 40 days since Prime Minister Narendra Modi announced demonetisation, members of All-India Bank Officers’ Confederation (AIBOC) Wednesday protested against the Reserve Bank of India (RBI) for frequent change of rules, which are leading to “confusion”, and alleged discrimination against PSU banks by assigning them less cash.

Protesting employees criticised the RBI’s regulation issued Tuesday, assigning bank officials the “investigative” task of questioning customers and checking deposits more than Rs 5,000. AIBOC members demonstrated at various RBI offices, including Mint Road headquarters in Mumbai and RBI head offices in Kolkata, Chennai, Bengaluru and Jaipur, PTI reported.

In Delhi, the protesters tried to march from RBI’s regional office on Parliament Street to Jantar Mantar, but were taken to Parliament Street police station as part of symbolic detention.

AIBOC general secretary Harvinder Singh said they were protesting the RBI’s policies, which are proving to be against PSU banks and the public at large.

He asked, “Why are HDFC, Axis and ICICI banks getting all the cash and we are struggling to get a few lakhs? We are caught in a tough situation when RBI changes circulars — people know it from the media and confront us, whereas it sometimes takes three days for a circular to reach banks.”

Sunil Bansal, AIBOC state secretary and a United Bank of India staffer, said, “When we were asked to do the task of the CBI, IB and ED to check proof of deposits, it was the last straw. We are just bankers (not investigators).”

The RBI Wednesday modified the guidelines and said KYC-compliant account holders can deposit more than Rs 5,000 in demonetised notes without being questioned by bank officials.

In Gurgaon, where RBI does not have a local branch, officials from PSU banks staged a demonstration outside Lead District Manager (LDM) R C Nayak’s office in Sector 31, demanding, among others, “smoother supply of cash”. “Right now, we are getting cash once in four days — that too largely in Rs 2,000 notes. We want smoother supply of cash, including notes in smaller denominations,” said Satish Kumar Vats, AIBOC executive committee member.

The protest took place during lunch, as the bank staff said they did not want to “inconvenience customers”.

R C Nayak, the LDM, admitted that the cash received in Gurgaon was insufficient. “Banks in the district received only Rs 36 crore on Monday, and Rs 33 crore on Tuesday, against their daily requirement of Rs 2,000 crore,” he said.

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  1. D
    Deeply Concerned
    Dec 22, 2016 at 1:42 am
    It is the bankers who are currently holding together the country's fragile hopes of normalcy returning. If they are hled for anprolinged period, then Indian exonomy can crash
    1. K
      Dec 22, 2016 at 1:52 am
      You can deposit the money but cannot take out your own money!!lt;br/gt;lt;br/gt;Rules are changing every day ... they are not thinking before acting.lt;br/gt;lt;br/gt;Rupee is only paper without any value and this incident shows it can be demonetized at will of the government.lt;br/gt;lt;br/gt;Time to move your savings to Gold and Silver which cannot be demonetized by ANY government because it has intrensic value.lt;br/gt;lt;br/gt;History shows that paper money eventually returns to its intrinsic value - Zero in INDIA we are moving towards it.lt;br/gt;lt;br/gt;It is immoral and unethical to take peoples savings and tell them you cannot take them out or you must go cashless. It is the person whose money it is who should decide how he wants to spend it - cash or cashless NOT the govt!!
      1. G
        Dec 22, 2016 at 4:03 am
        Who said PM has introduced demonetisation to curb black money and corruption.It is an eyewash and political gimmick.lt;br/gt;.The public sector banks have grown over faith and confidence.lt;br/gt;The private sector banks are corporate owned and with their help the old black has easily been converted into new black. That is why more quantum of money is given to the private sector banks which have lesser branches than the public sector banks.lt;br/gt;The corrupt politicians and bureaucrats are safe and happy with the private bankslt;br/gt;The ultimate sufferers are common public who still belief and has hope on Mr. Modilt;br/gt;The only thing that has happened now due to demonetisation is some of the duel mentality cat on the wall bank employees have been easily tempted by the money launderers and touts and made into corrupt. So the corruption has become larger now.and the image of the banking system is totally collapsed.lt;br/gt;Hail Modi! Hail BJP! Jai Hind. Jai Batath. Barath mata ki Jay! Long live India with corruption.
        1. M
          M MD
          Dec 22, 2016 at 2:06 am
          1. P
            Dec 22, 2016 at 2:06 am
            Yesterday I saw a mother and daughter from a good family go to 10 shops asking for Rs. 2000 change. They could not get it despite begging. Shame on the government for troubling simple Indians.
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