Now bank unions threaten agitation over cash crunch

vadodara — Claiming that bank staff is facing public anger due to cash crunch at banks and ATMs, the All-India Banks Employees Association (AIBEA) on Thursday threatened to launch an agitation as it blamed the government and the RBI for the situation.

Bank employees are facing the wrath of the public for a problem created by the government and the Reserve Bank, association’s general secretary C H Venkatachalam said. “Customers are shouting at us and abusing bank staff for no fault of theirs. Mere statements will not help. Concrete, immediate action is needed to improve the supply of currency notes,” he told PTI over phone.

He threatened a nationwide agitation by the unions if the situation is not resolved at the earliest. However, he did not specify any timeline. For the past few weeks,

Customers are shouting at us and abusing bank staff for no fault of theirs. Mere statements will not help. C H Venkatachalam, AIBEA general secretary

banks in several states, especially in UP, MP, Rajasthan, Gujarat, Telangana, Andhra and the pollbound Karnataka have been facing severe cash shortages, with many ATMs showing ‘no cash’ signboards.

While the central bank has claimed that there is enough printing and supply of cash, the government attributed the unusual spike in cash demand to ongoing farm procurement. Blaming the government and the Reserve Bank for inadequate supply of cash, he said, in fact, the problem started with the decision to print Rs2,000 notes after the note-ban announcement in November 2016.

“If the Rs1,000-notes were withdrawn to prevent black money and cash hoarding, it is only obvious now that both have become easier with the Rs2,000 notes,” he said.