The bank officers are too diverting their ire towards Reserve Banking of India (RBI) for making a mess dealing with cash crisis following demonetization. Stating that Prime Minister Narendra Modi’s demonetization was the most unplanned exercise, bank officers pointing out that the RBI is favouring private banks showing step-motherly treatment towards Public Sector Banks (PSBs). .
Telangana and Andhra Pradesh Bank Employees’ Federation expressed concern that several banks are forced to put up ‘No Cash’ boards at their ATMs, which is unfortunate. It was due to RBI’s non-cooperation, they said.
According to Federation’s general secretary B S Ram Babu as many as 85 per cent of people in the country are having accounts with public sector banks, while only 15 per cent account holders are with private banks. But, he deplored that RBI did not bother to give sufficient new currency notes to public sector banks.
Demanding a probe into RBI favouring private sector banks, he wondered that lakhs of crores of new currency notes have been supplied to private banks like HDFC, ICICI, Axis and other banks. “It also humiliated the PSBs by asking us for remitting the demonetised notes with private banks,” he alleged.
As government control on private banks are minimal and most of their account holders are high profile businessmen, Rambabu said there are all possibilities of those banking diverting new currency notes facilitating exchange of notes for black money hoarders.
Holding the RBI responsible for the current chaos created in the wake of demonetisation issue, he deplored that RBI is not extending necessary help to banks in the crisis. He predicted that common people would have to continue enduring untold sufferings to withdraw money from banks for at least another six months.
According to him, the RBI can mint 2,200 crore value of Rs 2,000 notes in one month. This means it will take a minimum of six-and-half months to bring down the chaos.
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