Bank unions seek Arun Jaitley’s intervention to end cash crunch

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Two large bank unions have demanded immediate intervention of Finance Minister Arun Jaitley in ending the acute cash shortage in the system following the demonetization of high-value notes last month.

Photo: AFP
Photo: AFP

In a letter written to Jaitley, All-India Bank Employees Association and All-India Bank Officers Association has said that RRI should take immediate steps to supply adequate cash to all banks and daily announce the details of the notes it supplies.

“You (Jaitley) are very well aware of the problems being faced by the bank staff and customers after November 8 (when demonetization was announced). Even after so many days we find that problem of acute cash shortage persists due to lack of lower denomination notes and non-functional ATMs,” the letter said.

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They said the Rs 100 notes being supplied now by the RBI are soiled so badly that customers are not accepting them.

While the RBI is repeatedly making public statements that adequate cash is being supplied to banks, the reality is otherwise. People feel that RBI is supplying cash but banks are deliberately not extending the payments, the letter said.

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“In this background, it is highly imperative that the RBI is asked to publicly announce the details of currency notes supplied to various currency chests/banks on a daily basis so that the allegations that some private banks are being favoured with more currency notes and public sector banks are discriminated can be answered properly.”

Seeking protection for banking staff, the letter said there have been instances where angry citizens have locked up the bank branches from outside to protest lack of cash.

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“The situation is becoming unbearable and officers and employees are reaching…on the brink of losing their patience due to sheer fatigue,” the letter said.

The unions said there are allegations that RBI is supplying more notes to some private banks at the cost of public sector lenders. “We wish this information is wrong,” they added.

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