You are on page 1of 2

Ever since De-monetisation was declared, Banks have been facing new

challenges every day. Bankers have been forced to face the wrath of the
people due to the RBI’s inconsistent guidelines and inadequate currency
supply. The total unpreparedness of RBI to implement demonetization has
landed the public and the Banks in this difficult situation.

The frequent changing instructions regarding the weekly limit of
withdrawal from banks from Rs.10,000/- to Rs.24,000/- and the Rs.4000/-
with ID and later with indelible ink have created fear and anxiety among
the public.

The non availability of ATMs for a long period due to the mess up in
recalibration and the Rs.2000/- limit of withdrawal fixed for ATM has added
to the misery. Even now more than 25000 ATMs have not yet been
recalibrated.

The shortage of cash in the smaller denomination, non-availability of any
other denomination between 100 and 2000 and the shortage of even the
2000 denomination notes have been making life difficult for the people
and the Bank. Only on 24 th November, the first consignment of the 500
note was dispatched to Chennai. Some of the branches even today have
not received even a single piece of the 500 note is another story that
indicates the volume of supply. Though the weekly withdrawal limit is
fixed as Rs.24,000/-, RBI has failed to infuse adequate cash which has
resulted in Banks/ branches setting different limits ranging from Rs.2000/-
with an intention to help all the people who throng the banks.

As the scenario at Bank branches has been very alarming, RBI is issuing
statements that Banks are supplied with adequate cash. As per RBI data
12.44 lakh crores of the demonetized currency has been deposited into
the Banks. As per the statement of Shri Shaktikanta Das, Secretary,
Department of Economic affairs only about 5 lakh crores has been put
back in circulation. Thus there is shortage of 7.5 lakh crores as per the
Government data. Government estimates are that only about 50% nof the
demonetized currency will be replaced by December end.

The distribution of cash to the Banks is also skewed that the new Private
Sector Banks have been supplied with more than their share. There is
total apathy in supplying sufficient cash to the Public Sector in terms of the

Tamil Nadu. desperation of people. the trauma they undergo and their hostility towards Banks.ratio of the business they have and the customers they serve especially in rural and semi urban areas. the queues in the Banks are getting bigger and bigger. therefore demands RBI to  SUPPLY ADEQUATE CASH TO PUBLIC SECTOR BANKS  FECILITATE US TO PAY GOVT ASSURED MONEY OF Rs. MENTAL AGONY AND STRESS AMONG GENERAL PUBLIC  STOP SUPPLYING MORE CASH TO PRIVATE BANKS  PUBLISH DETAILS OF NEW CURRENCY ISSUED TO BANKS DATE WISE/ BANK WISE . RBI should own up responsibility for the total chaos. The reality today is that there is very little or no cash with Banks. people have kept the doors of the Banks closed keeping the bank staff inside. At many places. long queues. Most of the ATMs remain closed. particularly from the Public Sector and the old Private sector Banks are in the receiving end. As the days pass by and the shortage of cash is getting acute. Bankers. There is desperation and the resultant anger is turned towards bankers.24000 PER WEEK TO PUBLIC  STOP CAUSING UNREST. All India Bank Officers’ Confederation(AIBOC).