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Bank staff stage protest outside RBI
The All India Bank Employees Association along with the All India Bank Officers Association on Wednesday staged a protest outside
- Employees Unions blame Reserve Bank of India for cash crunch
- Union leaders feel that it will take four months to restore normality
Hyderabad: The All India Bank Employees Association along with the All India Bank Officers Association on Wednesday staged a protest outside Reserve Bank of India, demanding that the RBI provide adequate quantity cash to the banks to help the people who are facing cash crunch.
The National Secretary of the All India Bank Employees Association, Ram Babu, said after 36 days of demonetisation of Rs 500 and Rs 1,000, there was no improvement in withdrawals and in the supply of cash. He quoted the RBI as saying that it had supplied Rs 4,64,000 crore from November 8 to December 13, but there was no cash in the banks and the RBI was unable to state the real status on the cash.
Rambabu said, “We have demanded that the RBI supply enough cash to the people immediately. The Reserve Bank of India is the main culprit as it is not supplying enough cash to the public sector banks as compared to private banks. Majority of people who have crores of rupees are having bank accounts with the new generation private banks only. As they are getting necessary cash one does not find queues in front of such banks”.
“It appears that it may take at least four months to restore normality. As the government is not ready to compensate the cash withdrawn, they are now putting pressure on the people to go cashless or do digital transactions. In fact, when the Prime Minister announced demonetisation, this aspect had not been mentioned. Cashless transactions is an entirely a separate subject and should not have been linked to demonetisation,” he added.
Chief Secretary of Reserve Bank Workers Union, G Jagdish, said after the demonetisation of high-value currency, there is was enough cash flow in the market. The Banks were only service providers. “We do not have any problem with demonetisation but at the same time enough cash should be supplied. Whoever is doing manipulation of the notes should be punished. The RBI should also come out with details of how much cash it had supplied to each bank,” Jagdish said.
