Bengaluru, Jan 1: The Reserve Bank of India's (RBI) circular asking banks to complete the accounting process and deposit banned notes in currency chests or at the local RBI offices by Saturday has been criticised by bankers.
“Bank branches are keeping huge cash in crores and it is impossible to remit entire cash at one go,” the official said.
Purushotham A P, manager of the Chitradurga branch of IDBI bank, was more vocal.
“Currency chests have no space to keep cash. They are refusing to accept old notes due to shortage of space. Rural branches will face transportation issues. In semi-urban locations, just one or two chests are functioning and they can't accept cash from all branches. Such branches are instructed to remit money at distant places where more chests are available.”
“Some banks had instructed their officers to remit cash late on Friday at 10 pm. Bank officials were still in the banks and getting ready for cash remittance. Some managers are taking huge cash in their own vehicles. Who will take care of our security?” Purushotham said.
Another bank manager said, “The RBI should think of practical difficulties before issuing any circular. At least, senior bank officials should convey problems faced by the bankers while shifting huge money at short notice. Who cares for bankers' safety?”
Banks have been transferring money to currency chests on a day-to-day basis.
“For the past one week, chests are flooded. We have to transfer currency from chests to the RBI. For that we have to get permission from the RBI. We have been regularly moving cash from our branches to the chests. But the currency chests are flooded and the RBI has not given the lifting order,” another official said.
“The RBI should have given orders in advance to shift currency to the chests. On Friday evening, the RBI instructed to deposit the cash. In a normal course, if it is within city limits, the chests are accessible. In rural and semi-urban areas spread far and wide, for them to come and deposit the money will take time. However, all people are on the job to comply with the guidelines. It is impossible to clear currency in a single day,” the official said.
Comments
REVERSE BANK is full of IDIOTS......
Add new comment