The All India Bank Officers’ Association (AIBOA) and All India Bank Employees Association (AIBEA) have said the decision to withdraw the high-value notes was taken without proper planning or preparation. The associations have also demanded additional infrastructure to meet the extra ordinary rush the banks are facing.
In a letter to Indian Banks’ Association (IBA), they also highlighted heavy work pressure on employees and officers at bank branches in the wake of demonetisation which has led to customers rushing to exchange the now defunct notes. The association said that the Reserve Bank of India (RBI) and government should be approached to allow all government departments, agencies and institutions to exchange the banned Rs 500 and Rs 1000 notes in addition to banks and post offices.
“Chaotic situation is prevailing at the bank branches and this is unbearable for both customers as well as bank employees and officers,” S Nagarajan, General Secretary of AIBOA, and C H Venkatachalam, his counterpart at AIBEA, said in the letter to IBA, the apex body of bank managements.
There is a huge shortage of Rs 100 notes which are now in great demand for routine needs, while most customers are not willing to accept the new Rs 2,000 bill, they said. “The Centre and the Reserve Bank must be fully aware that already there is a huge gap between the indent and supply of Rs 100 notes.
“For example, in 2015-16, as against the indent of 535 crore pieces of Rs 100 notes, the supply received was only to the tune of 490 crore pieces,” according to the letter.
“One cannot understand the reason behind banning the existing Rs 500 notes and not providing new supply of Rs 500 notes in time,” it added.
Most of the 2.20 lakh ATMs across the country are closed or partly functional. This has put additional pressure on the staff and customers are compelled to visit branches to withdraw cash from their accounts, the two unions said.
Nagarajan and Venkatachalam requested the IBA to ensure the RBI supplies adequate cash in denominations of Rs 100 and new Rs 500 notes to ease pressure on banks and provide relief to customers.
The union also want extra business hours to be implemented where required but the staff should be deployed on shift basis. Where employees/officers are required to work in late hours, arrangements for conveyance, food, etc. should be made and uniform instructions must be sent by the IBA to all banks on payment of overtime wages/compensation amount.
(For news in Hindi see our Hindi daily Chaupal Chronicle)