Friday, June 25, 2021
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Banks facing currency shortage

The AIBEA and the Bank Officers’ Association have rightly sought the intervention of the Indian Banks’ Association to advice the banks to seek proper police protection in branches and security to staff. Bank branches are finding it difficult to face the wrath, rage and resentment of the customers due to the inconvenience caused to them on account of the ongoing demonetisation exercise and shortage of bank notes. There is acute shortage of Rs. 100 currency notes and hence even the recalibrated ATMs are not able to dispense cash to the customers.

Almost all the banks run out of cash with no despatches from the Reserve Bank of India (RBI). Several bank branches saw ‘shortage’ of cash at their disposal, and many branches went dry of cash. In fact, the dispatches by RBI are so meagre that banks are facing a massive currency crunch. All bank branches are well – equipped with CCTV cameras and any malpractices done by staff are seriously viewed by bank management.

The government’s constant flip-flop on exchanging and depositing old cash notes in the bank branches, besides changing the limits on cash withdrawals has also created lot of confusion among the people. The RBI should ensure adequate supply of currency notes to all banks without discrimination.

(The views expressed by the author in the article are his/her own.)

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