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Bank unions have demanded that the Reserve Bank come out with details of the value of old notes deposited in the bank (by the public), the value of new notes released by the regulator (for old notes) and the value of soiled notes released to meet the demand, datewise, to each bank.
“There is a huge shortage of smaller denomination notes and this is contrary to the Reserve Bank's announcement of sufficient currency on several occasions. The situation has not eased even after 20 days of the announcement of demonetisation. The new Rs 500 currency is still in short supply and at some branches, the banks are forced to pay Rs 4,000 instead of Rs 24,000 to a customer,” said R Sekaran, Secretary, All-India Bank Officers' Confederation – Tamilnadu State Unit.
Meanwhile D Thomas Franco Rajendra Dev, President, AIBOC -TN, said there were reports that the Madurai branch of State Bank of India was supplied just Rs 5 cr through ICICI Bank and asked to distribute the same in eight southern districts.
“While nationalised banks are not getting adequate number of the new Rs 500 note for distribution, private banks such as ICICI Bank and HDFC have been getting sufficient supply of the notes from Day one – of Rs 2,000 and Rs 100 and now of Rs 500 as well.
The Reserve Bank should, therefore, declare details of value of old notes deposited by the public, value of new notes and soiled notes released – datewise to each bank,” he said.
“The situation is likely to worsen in the next two days as pension and salary payments start from December 1. In several branches, there is unrest with the public raising a hue and cry over being prohibited from withdrawing their money,” Franco said and appealed to the Governor not to issue false statements and increase the pace of supply of Rs 500 and Rs 100 notes urgently.
AIBOC has also appealed for review of withdrawal limits taking into account the salaries to be paid and pension to be disbursed.
“The RBI Governor should announce the future road map for some clarity. The regular work of bankers, including follow-up of advances, has come to a standstill and we do not know how long this situation would continue,” Franco said.
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