Bank repositories still need to shore up to the optimal levels and that the time of salary and pension payment will be the real test of banks, as per Saraswat Bank, the largest cooperative bank in India. Gautam Thakur, chairman, Saraswat Bank spoke to Ashwin Gajjeli of DNA Money. Excerpts from the interview:
How many of the bank's ATMs are recalibrated to dispense the new Rs 500 and Rs 2,000 notes?
The bank has a total of 264 ATMs, out of these 200 are recalibrated to dispense the new Rs 500 and Rs 2,000 notes. The remaining 64 ATMs are yet to be recalibrated, which will be done shortly.
What is the total strength of the bank in terms of branches and ATMs?
The number of our branches is 283 with the strength of our ATMs being 264.
How have you managed to deal with customers who have been thronging to branches?
The branch teams were given clear indications of the expected rush of customers and cash crunch. Teams at the branches were re-aligned to attend to the customers crowding for depositing/withdrawing of cash. Additional manpower was provided to the branches from various departments. Branches were instructed to arrange chairs and water for the customers. Care was taken to attend to senior citizens on priority. Based on the demographic profile of the branch, call on cash dispensation was taken. From time to time, updates were being sent to the branches on the position of available cash, bank's plan of action and important updates from the Reserve Bank of India (RBI).
Were you able to get ample amount of currency from the currency chest?
The co-operative banking sector is facing severe constraints in receiving adequate currency. This information has been reported in the media. It is becoming increasingly difficult even for a leading bank like ours to satisfy the customer's needs fully. This may adversely affect the co-operative banking sector in the long run as we are facing a reputation risk.
How much of money got deposited with the bank and how much was exchanged?
Total specified bank notes deposited and exchanged with the bank were Rs 2,746.64 crore and Rs 67.67 crore respectively (data upto November 24,2016).
How long will it take for normalcy to be restored with people?
Things are limping back to normalcy. However, the currency coffers of the banks are still a far cry from their optimal levels. The real test will be faced by the banks at the time of salary and pension payments. The central bank is trying to help as much as possible.
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