Bank union blames RBI for cash crunch

Contrary to the tall claims being made by the BJP-led NDA government at the Centre and the Reserve Bank of India authorities, the cash crunch and hardships being faced by the people in the wake of demonetization would last till December 30 and the crisis is not likely to be resolved till another five months.

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The Bank Employees Federation of India (BEFI) said on Thursday; 24th November, the Reserve Bank of India (RBI) has put India’s banking system in utter chaos after the government demonetized Rs 500 and Rs 1,000 currency notes.  As a regulator it was the primary duty of the central bank to maintain cash supply to every bank across the country but it has been unable to do so. The RBI has completely failed as a regulator and in discharging its responsibility to make banks do hassle free business in a severe cash crunch situation. A bumpy rollout of the new currency has seen millions of people line up outside banks and ATMs, with small traders and farmers the worst hit. Bank chests are running out of cash and the situation is worse in banks located in rural areas. There is an acute shortage of cash supply. Dirty, soiled and non-issuable notes are also being re-circulated.

However, The Bank Employees Federation of India (BEFI) clarified that they are not against the ban on high denomination notes. What they are protesting is the manner in which the government and the RBI have made it operational. Bank employees are under extreme pressure and are facing the wrath of customers despite working continuously for more than 12 hours (10am to 11pm).

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