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Supply adequate smaller denomination notes, bank union tells RBI
The association says that while the RBI claims to have sufficient cash in its vaults and currency chests, the situation on the ground is very different
Updated : Apr 19, 2018, 06:10 AM IST
 "Smaller denomination notes")
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Stating that shortage of currency notes is leading to a 'chaotic situation' in banks, an association of bank employees has written to the Reserve Bank of India, seeking adequate supply of currency notes of smaller denomination.
The Maha Gujarat Bank Employees Association (MGBEA) said that there is cash shortage in bank branches across the state and many ATMs are running dry or have become non-functional due to currency squeeze.
"There is chaos in bank branches. For the past thirteen days, bank officers and employees have been facing the wrath of customers because of cash shortage. Cash crunch is also hurting farmers and traders, with rural areas being the worst-hit. We have written to the Reserve Bank, seeking adequate supply of cash in denominations of 10, 50, 100 and 500," Janak Raval, the association's general secretary, wrote in a letter to the regional director of RBI.
The association said that while the RBI claims to have sufficient cash in its vaults and currency chests, the situation on the ground is very different.
"We have demanded that "ATMs should be re-calibrated on a priority basis and made ready for use within the shortest possible time. RBI should make public details of the currency supplied to currency chests on a daily basis so as to present the true picture before people, which will help in avoiding friction between bank employees and customers," Raval said in the letter.
Banks and citizens in Gujarat and a number of other states are grappling with severe shortage of currency notes for the past few days, with the situation having seemingly worsened in the last week or so. In places like Unjha, prices of agri products like fennel seeds have plunged. On Tuesday, finance minister Arun Jaitley claimed that there is more than adequate currency in circulation and with banks.
REALITY CHECK
The Maha Gujarat Bank Employees Association said that while the RBI claims to have sufficient cash in its vaults and currency chests, the situation on the ground is very different.
