Anticipating rush for pay day, bank employees ask for police security

Bank unions have warned that the next one week to ten days are going to be “much more tense and non-availability of enough cash may lead to serious issues of law and order”.

By: ENS Economic Bureau | Mumbai | Updated: December 1, 2016 1:47 pm
demonetisation, cash crunch, bank employees threatened, bank employees security, demand security, india news, indian express news Bank of Maharashtra, Charkop Kandivali, offers seats for customers in the line on Wednesday. (Source: Dilip Kagda)

Ahead of the expected rush by salaried employees and pensioners to withdraw cash to meet monthly requirements, the Reserve Bank of India (RBI) has restricted withdrawal from Jan Dhan accounts to Rs 10,000 per month to check misuse and withdrawal of cash from such accounts. On the other hand, the acute shortage of cash continues to trouble banks which are expecting long queues outside ATMs and branches from December 1 when salaries will be disbursed to many employees in firms across the country and by the government to its staff. While many branches are yet to get the new Rs 500 notes, notes of Rs 100 are in short supply and people are reluctant to accept Rs 2,000 notes, bankers said.

WATCH VIDEO: Petrol Pumps, Air Ticket Counters Will Not Accept Old Rs 500 Notes After December 2

Bank unions have warned that the next one week to ten days are going to be “much more tense because a huge number of employees, workers and pensioners would throng bank branches to draw from their salary credit and non-availability of enough cash may lead to serious issues of law and order”.

“We seek the intervention of the Indian Banks’ Association to advise banks to ask for police protection in branches to provide proper security to the staff,” unions told the association in a letter.

On Jan Dhan accounts, the RBI said “fully KYC compliant account holders may be allowed to withdraw Rs 10,000 from their account in a month. The branch managers may allow further withdrawals beyond Rs 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record”.

However, limited or non-KYC compliant account holders will be allowed to withdraw only Rs 5,000 per month from the amount deposited through Rs 500 and Rs 1,000 notes after November 9, within the overall ceiling of Rs 10,000, it said. Total deposits in Jan Dhan accounts had surged by over Rs 27,000 crore to over Rs 72,000 crore in the first two weeks after demonetisation.

The RBI said this is being done to protect farmers and rural account holders of Jan Dhan scheme from activities of money launderers and legal consequences under the benami property transaction and money laundering laws as a matter of precaution.

Meanwhile, many bank branches said they are getting less than half the required cash on a daily basis. Customers are reluctant to accept Rs 2,000 notes while supply of Rs 500 notes is a trickle and there is shortage of Rs 100 notes.

“We get reports of abusive language from customers for not being able to give them required cash due to reasons beyond their control. There are reports that due to shortage of cash, customers are asked to withdraw Rs 2,000 or Rs 4,000 instead of Rs 24,000 which they are eligible to, since there is inadequate cash balance in the branches,” C H Venkatachalam, general secretary of All India Bank Employees Association (AIBEA), said in a letter to the Indian Banks Association.

“We find branches are displaying boards like ‘No Cash’, ‘Cash No stock’ etc. which seriously erode the reputation of our banks in the eye of the common people. Adding to the problems, majority of the ATMs are still non-functional and this would add to the crowd and congestion inside the branch premises,” he said.

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  1. A
    Abhinav Gour
    Dec 1, 2016 at 3:04 am
    How come managers r giving their friends in bundles
    Reply
    1. A
      Abhinav Gour
      Dec 1, 2016 at 3:01 am
      Why dont these people use their cards for purchases
      Reply
      1. P
        PCKULKARNI
        Dec 1, 2016 at 3:53 am
        They do not use cards in villages
        Reply
        1. A
          Anuradha Kalhan
          Dec 1, 2016 at 2:06 am
          What happened to the legal system why isn't anyone taking the government to SC? lt;br/gt;Can any elected government do this to its own potion, block their income,choke exchange and trade, make a mess of the legal tender and create a law and order problem ? lt;br/gt; This government has take people on an PR induced emotional roller coaster from ache din to cashless society ...I think this is true love jihad hindutava style!!!
          Reply
          1. A
            ashok s
            Dec 1, 2016 at 3:17 am
            Govt will never come with figures ,that how many fishes and sharks were netted . as per new I.t amendment ,tax payer has to file returns by nx year June . so govt won't have figures till next September . every thing will get buried as usual as what happens in our country. We are emotional , we ate resilient this is what our real anthem is
            Reply
            1. A
              ashok s
              Dec 1, 2016 at 2:07 am
              Their should be four days window for ried cl peoples including pensioners only. No deposits of old notes , no withdrawals against old notes deposited . ries should be deposited by rtgs, neft.
              Reply
              1. A
                ashok s
                Dec 1, 2016 at 3:12 am
                When the exercise comes to halt ,the bank staff and customers will end up in mental asylum.
                Reply
                1. A
                  author
                  Dec 1, 2016 at 1:28 am
                  I was supporting this move but yesterday faced lots of problems as no money in ATM. First time I felt that time had gone 20 years back when taking out money from your bank was like asking for a loan. Today I felt worse. Could withdraw No money. All these big people sitting in ivory towers do not know what the common man/woman is facing in tier1/tier 2 cities. And i see no VIP's or Senior Govt. Officials in the queue ? All middle cl service cl (TDS) people. The test of success of this scheme will be prices of property coming down. Otherwise causing so much pain was not worth it. As most of the black money in the country is in property and Gold. AND MIND YOU WHAT ABOUT CHECKING IF PEOPLE ARE TAKING BRIBES IN KIND. CHECK WHICH PERSONS CHILD HAS GONE TO STUDY ABROAD WITHOUT SCHOLARSHIP. IF SO WHAT IS THE SOURCE OF THE COLLEGE TUITION ? Then this will be an anti corruption move otherwise a ploy for the coming UP elections and the next General Elections.
                  Reply
                  1. B
                    balunivb
                    Dec 1, 2016 at 2:52 am
                    We have grudges only if we are served sohan halwa daily on platter even then we will find faults. change is inevitable. It is a mammoth excercise to collect cash from 130 crore people and reach out to them with new currency. How thankless we people complaining, complaining. Whenever there is a new move, it is likely to shred some of our comfort. What opposition is doing to resolve the situation ? Under these situation specially the minorities have taken modi bashing to new height
                    Reply
                    1. A
                      Antony
                      Dec 1, 2016 at 8:06 am
                      what a poor mismanagement ! people like me have no problems in using the plastic cards but a country with millions of illiterate poor people without a bank account is suffering immensely due to demonitization. if the situation is not controlled within two weeks there may be riots in the country! modi should take immediate action to print additional 100 rupees currency from Europe to solve this mess. the idea was good.... but never expected this type of poor management from an able administrator like modi!
                      Reply
                      1. H
                        Hari Hari
                        Dec 1, 2016 at 1:52 am
                        Have some patience.
                        Reply
                        1. J
                          Jim
                          Dec 1, 2016 at 3:01 am
                          Economic Collapse and Rioting will be impossible to avoid the way things are deterioting by the day. It will take 10 to 12 months to print Notes 85% still short.
                          Reply
                          1. S
                            Sankaran Krishnan
                            Dec 1, 2016 at 3:12 am
                            Yes the Banks will definitely face the problems due to the First week rush that normally happens due to ries and pension that are released to meet their monthly expenses and will the Banks cope up is the BIG ???
                            Reply
                            1. M
                              Manas Mukerjee
                              Dec 1, 2016 at 3:07 am
                              When the country facing imminet economic collapse. All this is coverup by Modi and his Government which has no idea what it is doing and how this will end up. They wanted to divert attention from main issues through Surgical Strikes drum beat, which too didn't work so themselves created a big mess which may take many years to fix.
                              Reply
                              1. R
                                RM
                                Dec 1, 2016 at 4:12 am
                                The ordinary people have hardly been able to withdraw cash for their needs in last 3 weeks and now even after upper limits of withdrawal fixed by govt /RBI ,the banks are fixing their own limits to cater to need of maximum customers .But how the people are going to manage if instead of Rs 24000 ,they are given upto Rs 10000 and that too after spending w day in lines.The govt is only interested in widening the tax base for future and is least interested in problems being faced by people.Knowing fully well that it cannot meet demand for cash required by people for many months to come,it is sitting as spectator and has put maximum number of potion to inconvenience and state of misery.Even after knowing the ground realities ,if the govt does not come out with some relaxations for ordinary public and cannot mitigate their hardship at present,how can one expect it to do something for people in future.It is vey sad state of affairs as there are many other important things which govt is reqd . to do but it is sticking to one issue which is causing lot of trouble to people and govt is not willing to help them out
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                                  Pmg Pillai
                                  Dec 1, 2016 at 12:00 am
                                  If there is shorgeof currency at the banks theremay be unexoected violence hence fllpreparansmus be there to neet the situationsdatd thursday Decenber 01st 2016 Time 0525hrs ist
                                  Reply
                                  1. P
                                    pmshah
                                    Dec 1, 2016 at 6:07 am
                                    So one is allowed to withdraw 24000/- per week. I really wonder why do people need this amount in cash? That too every week? I live alone and from around 20,000 per month expense I need no more than 2000 in cash!
                                    Reply
                                    1. R
                                      rohan
                                      Dec 1, 2016 at 3:01 am
                                      When banks refuse to pay the amount in a customers a/c, it is said that the bank has gone Bankrupt !
                                      Reply
                                      1. K
                                        Karthik
                                        Dec 1, 2016 at 3:19 am
                                        BJP Troika :( Modi,Shah,Jaitley ) ably isted by cunning diversionist conspiracy theorist Subra'Swamy are ruining the w nation and suffering in the name of fighting corruption.lt;br/gt;Indirectly they have silenced people by making them realize in painful way fighting corruption is an uphill task that would result in losing lives,miserable daily life so that they would never hereafter ask for corruption related initiatives from any political party/GOI.lt;br/gt;God save country from evil Troika and mavericks of BJP .
                                        Reply
                                        1. K
                                          Karthik
                                          Dec 1, 2016 at 5:29 am
                                          It is time Hon'ble SC of this country should take "Suo moto cognizance" of the real hardships bleeding faced by millions of silent,voiceless rural area/tribals retired senior citizens(both Govt,Non-Govt),low-income middle cl,non-regular job households of this country due to this present Govt and p a stricture or if needed write a letter to President to dismiss the Govt even if it is rarest of rare means.lt;br/gt;The present Govt cannot approach the corruption issue with its own "unclean hands" esp tryin in several ways right from its coverup of ping deceptively money bill to hide its foreign funding via Vedanta to protecting all its donors like Mallya,Chota Modi et al. lt;br/gt;BJP has lost its morality by all means in this issue and cannot put the ball in people court like this to make them suffer for their inability to handle this issue.
                                          Reply
                                          1. R
                                            ramu
                                            Dec 1, 2016 at 7:36 am
                                            Modi is clueless. Everybody is discussing how bad this was implemented and not if the idea itself was bad. Modi didn't dream of cashless himself. He got it from Western countries in his G20 meetings and UN where they feed him this as "reform". The fact is in West interest rates are about to go negative. Why will anyone deposit in bank and not hold cash if rates are negative and you deposit Rs100 and get back Rs99? But if cash is banned, the average dumb people will be forced to pay for bank recapitalization and take a forced loss. Average Modi bhakts are too brainwashed to realize this. Cash is privacy and freedom and must be supported. There is no perfect world. You don't ban kitchen knives because someone did a murder using it. The reason here is to implement negative rates and control the people. Terrorism and blackmoney are distractions. People better wake up now before the clueless Modi delivers Indians in chains to global bankerrs.
                                            Reply
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