Banks may hire retired staff to deal with cash rush: Finance Ministry

"We are happy that the government has addressed some of the issues raised by us," All India Bank Employees' Association General Secretary C H Venkatachalam said in a statement.

By: PTI | New Delhi | Published:November 15, 2016 8:35 pm
Demonetisation, Demonetisation effects, cashless, Banks, Indian banks, ATMs, queues in banks, bank employees shift, Finance ministry, Finance ministry on demonitisation, RS 500 note ban, Rs 1000 note ban, india news, indian express news Union Finance Minister Arun Jaitley. PTI Photo

The finance ministry on Tuesday asked banks to consider engaging retired employees to deal with the unprecedented rush for exchange of invalid currency notes and ease pressure on existing staff. In a letter written to Indian Banks’ Association (IBA), the financial services department of the finance ministry said it should look into issues, particularly employment of retired bank staff and payment of remuneration and instruct the banks suitably at the earliest.

“In the event of extra business hours implemented to cope up with the situation, banks may require to make deployment plan of staff on shift basis so that the same person does not work for continuous long hours,” it said.

Praising commendable work done by the banking fraternity, it said banks may plan and support the officers and employees working in late hours, particularly the safety and security of women employees, with arrangements for food and conveyance.

Additional infrastructure like more terminals, separate arrangement for cash, exchange and dispensation may be implemented and services of retired persons may also be taken so that the pressure of existing staff may ease and a larger customer base is satisfied, it said.

Many employee unions have made representation to the finance ministry and IBA presented the multiple problems being faced by employees and officers on account of implementation of the demonetisation scheme.

“We are happy that the government has addressed some of the issues raised by us,” All India Bank Employees’ Association General Secretary C H Venkatachalam said in a statement.

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  1. A
    Abhinav Gour
    Nov 15, 2016 at 10:12 pm
    While FM and Unions want the help of retired employees, they are still adamant by not solving pension problem. Pre 2002 retirees get a pittance of pentimento, with no revision for the last 15 years. In that both FM and Unions are culprits. Hope atleast give an urance to retired staff that they will be consulted during future negotiation .
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      Satendra kumar
      Nov 15, 2016 at 11:10 pm
      Ex banking staff welcome for any demonetisations job available for them regardless of day and night willing to give all strength for betterment for all Indians.
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        abyy
        Nov 15, 2016 at 4:12 pm
        Why not hire new people, at least they get the job. Always benefit those who are are already getting benefit.
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          sunny
          Nov 15, 2016 at 10:54 pm
          what ever may be the reason but poor and middle cl families are suffering a lot w day standing in the queue leaving jobs and business bank is giving 2000 notes when going to buy something they dont have change to give.
          Reply
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            Baskar
            Nov 17, 2016 at 1:15 pm
            dear Sir,lt;br/gt;These are the same people who spend less than 500 or 1000 on a daily average for their personal expenses (food and miscellaneous etc..). lt;br/gt;lt;br/gt;It is because , they run their "small business" without accountability to tax and need daily investment to their undeclared "business" who are raising cries. lt;br/gt;lt;br/gt;Situation will definitely improve when ATMs start dispensing money. I on other side have restrained myself to stand in the queue and carrying out all of my transactions in electronic form. lt;br/gt;lt;br/gt;Similarly when every small business encourages cheque and electronic payments , long queues and frustrations will go down completely.
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              bimal krishna
              Nov 15, 2016 at 3:15 pm
              Very good, logical ,fair and accommodating move by MOF to facilitate functioning of Banks to the best of efficiency for customer delivery or demonetized note changers.
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                Rashmikant Shah
                Nov 17, 2016 at 2:40 pm
                You are wrong. I am middle cl person and I have no problem at all. Because I anm not corrupt and my BOA is absolutely prope. I am also having no problem bacause I store few notes of Denominations upto 20 K at home. That is good enough for a Month as I use credit as well as Debit card for my major expenses. Now people with AAP back ground will start say what about villagers and small traders?? all humbug
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                  Raghunath
                  Nov 17, 2016 at 2:58 pm
                  Banks have shown sincerity in dealing with the situation and have acted patiently. Good job. Stray incidents of impatient acts should be overlooked.
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                    Ravi Shankar
                    Nov 15, 2016 at 6:53 pm
                    What a tragedy, in Bangalore even regular staff are missing.......... Modi's speed is JET speed, Jaitley and Team's speed is Bullock's cart speed. We will need 6 months to restore normalcy at this speed......
                    Reply
                    1. S
                      Santanu Roy
                      Nov 15, 2016 at 9:25 pm
                      I fail to understand why is there such rush at the exchange centers. All you need to to do is tolt;br/gt;deposit your higher denomination notes in your bank accounts,for which there is no limit andlt;br/gt;to withdraw some amount according according to your requirement,for which govt has fixedlt;br/gt;an weekly upper limit,which is more than enough to meet cash requirement of a middle cllt;br/gt;household.This weekly limit will also will be raised as and when the new currency notes oflt;br/gt;higher denomination enter banks.Only those who don't have a bank account needs to exchange their old currency notes of higher denomination.This rush at the exchangelt;br/gt;points prove they are laundering somebody else's money.Govt should have introducedlt;br/gt;indelible ink mark at the exchange points from day one.I have deposited all the five hundredlt;br/gt;rupee notes I had with me in my bank account and made my mother do the same withoutlt;br/gt;any hle and we will withdraw when we are in need of cash.It's as simple as that
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                        APUPADHYAY
                        Nov 15, 2016 at 3:42 pm
                        To reemploy the lately retired and willing staff against due compensation will be in the larger intereest of the people.
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                          seshadri
                          Nov 17, 2016 at 1:27 pm
                          recently retired cashiers will be very useful since they have experience in handling cashiers job during crisis of this kind and clear the crowd with speed lt;br/gt;i really appreciate the loyalty of all the bank staff officers and managers who have risen to this occasion and working for nealry 12 hours to 14 hours non stop for the interest of the nation this is the plus point in public sector employees
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                            gopal
                            Nov 15, 2016 at 5:51 pm
                            Can we know how much goverment spending. May more than black money.
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                              varma
                              Nov 15, 2016 at 11:07 pm
                              government’s resolve to eliminate black money will be successful only if government introduces an involuntary tax paying account to make banking services available for everyone, everything and everywhere. This involuntary tax paying account will eliminate black money completely without any trace of it in any form – physical currency, gold and real estate ets. This involuntary tax paying account will never generate black money once again. Study this account module from this link ---lt;br/gt;Involuntary_tax_paying_account
                              Reply
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