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30
November 2016
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Bank Notes (The Total Investment & Insurance
Solutions)
There is not
enough supply of fresh currency notes by the Reserve Bank of India (RBI) and
customers are refusing to accept old, dirty and soiled Rs100 notes, which were
remitted to RBI as non-issuable. Under this situation, bank employees are under
tremendous pressure and sometime even facing abuses from customers and need to
be provided police protection, demand bank employee and officer unions.
All India
Bank Employees' Association (AIBEA) and All India Bank Officers' Association
(AIBOA) in a letter to Rajeev Rishi, Chairman of Indian Banks' Association
(IBA) says, "When customers are reluctant to accept Rs2,000 notes and in
the absence of supply of Rs500 notes and coupled with shortage of Rs100 notes,
the branches of the banks are finding it difficult to face the wrath, rage and
resentment of the customers. We are getting reports of abusive language from
the customers on the staff for not being able to give them required cash due to
reasons beyond their control. There would be lot of undue pressures, tensions,
conflicts and clashes in the Branches and Branch managers, officers and other
staff would face a big ordeal. We seek the intervention of IBA to advice
the Banks to ask for proper police protection in branches to provide proper
security to the staff." The Total
Investment & Insurance Solutions
According to
the unions, there is an acute shortage of Rs100 currency notes and hence even
the recalibrated automatic teller machines (ATMs) are not able to dispense cash
to the customers. "Even whatever Rs100 notes are being supplied by RBI are
found to be very very soiled ones earlier remitted to RBI as non-issuable.
Customers are refusing to accept these dirty and soiled notes and in fact it is
found to be health hazard for the cash counter staff who handle these soiled
notes," it says.
The letter
points out that some branches are displaying boards like 'No Cash', 'Cash No
stock', which the bank employees feel would seriously erode the reputation of
the bank in the eye of the common people.
It says,
"We have reports that that irritated customers are creating tension inside
branches and sometimes locking the branch premises from outside and staff had
to call police to come and break open the lock."
"The
next one week to 10 days are going to be much more tense because, huge number
of employees, workers and retirees/pensioners would throng the bank branches to
draw from their salary credit and non-availability of enough cash may lead to
serious issues of law and order also. Adding to the problems, still majority of
the ATMs are non-functional and this would add to the crowd and congestion
inside the branch premises." The
Total Investment & Insurance Solutions
The bank
employee and officers' union also pointed towards new instructions being issued
by the RBI. It says, "(the) RBI is issuing umpteen number of instructions
every day and branch staff are unable to cope up with these instructions
instantly until they are duly intimated about it from their respective head
offices. Sometimes these instructions of RBI create more problems than
solutions."
Both AIBEA
and AIBOA have requested the IBA to take up the issue with the central bank.
"...take up the issue with RBI to ensure adequate supply of currency notes
to all banks without any discrimination. There is also an allegation doing the
rounds that some private banks get more supply of notes from RBI at the cost of
public sector banks," the unions stated in the letter.The Total Investment & Insurance
Solutions
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