As public anger rises over non-availability of cash, bank officials are bearing much of the brunt. A spate of income-tax raids across the country has done little to change the growing perception that the current scarcity is, in part, a result of collusion of bank employees with scamsters.
TOI caught up with some officials as well as representatives of the bankers' union to get an idea of how they are coping with the sudden pressure. Ashwini Rana, vice-president of National Organisation of Bank Workers, acknowledged the rising panic among people.
He said: "People are lining up at banks and ATMs daily to withdraw cash, but they aren't spending the money. The tendency to hoard is prompted by a sense of panic."
Rana claimed that bankers were being wrongly blamed for everything even though the situation was getting better and that it was incorrect to paint the entire fraternity with the same brush because of a few corrupt officials. Explaining why banks were short of cash, he said: "Banks are receiving lower amounts from from RBI. The chaos is a result of this huge demand-supply mismatch. This is also why different banks have different withdrawal limits."
Rana said the problem lay in execution. "RBI should have reduced the weekly limit. If a person withdraws Rs 24,000 four times in a month, then how will everyone get money?" he asked.
The pressure has started to show. A bank official, requested anonymity, said he had asked for a two-day leave due to ill-health, but his request was denied. "More than half of the staff is dealing with cash transactions. Sooner or later, we'll need to clear the pending work. So, we don't expect any respite in the near future." He said that while people's angst was understandable, bank officials were as helpless as them. "People are abusing us, but no one appreciates our efforts."
Meanwhile, the last date for issuing certificates to pensioners has been extended by two months to January 15 in view of the unusual rush at banks. "The work load is heavy and it's only going to get worse," said Rana.
TOI caught up with some officials as well as representatives of the bankers' union to get an idea of how they are coping with the sudden pressure. Ashwini Rana, vice-president of National Organisation of Bank Workers, acknowledged the rising panic among people.
He said: "People are lining up at banks and ATMs daily to withdraw cash, but they aren't spending the money. The tendency to hoard is prompted by a sense of panic."
Rana claimed that bankers were being wrongly blamed for everything even though the situation was getting better and that it was incorrect to paint the entire fraternity with the same brush because of a few corrupt officials. Explaining why banks were short of cash, he said: "Banks are receiving lower amounts from from RBI. The chaos is a result of this huge demand-supply mismatch. This is also why different banks have different withdrawal limits."
Rana said the problem lay in execution. "RBI should have reduced the weekly limit. If a person withdraws Rs 24,000 four times in a month, then how will everyone get money?" he asked.
The pressure has started to show. A bank official, requested anonymity, said he had asked for a two-day leave due to ill-health, but his request was denied. "More than half of the staff is dealing with cash transactions. Sooner or later, we'll need to clear the pending work. So, we don't expect any respite in the near future." He said that while people's angst was understandable, bank officials were as helpless as them. "People are abusing us, but no one appreciates our efforts."
Meanwhile, the last date for issuing certificates to pensioners has been extended by two months to January 15 in view of the unusual rush at banks. "The work load is heavy and it's only going to get worse," said Rana.
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