The Reserve Bank Of India (RBI) pulled back their last directive which stated that bank officers must validate the depositor who is depositing amount above Rs. 5000. Owing to massive agitation by the public on hearing the news, RBI withdrew it’s decision.
In a bid to observe the series of changes and notifications, a media agency recently spoke to HARVINDER SINGH, general secretary of the All India Bank Officers Confederation.
On being asked, what does he make of the RBI’s decision to withdraw its previous directive that required deposits above Rs 5,000 in old currency notes to be explained to bank officers. Harvinder said, “We have been pleading before RBI and Ministry of Finance that instructions issued for general public must be always clear. What was happening was that instructions issued through electronic media or notifications were reaching banks much later than when the people at large were coming to know. There was time gap between the implementation of the instructions issued by the RBI/government because when the instructions reach banks, they would have to modify their systems so that the instructions are implemented.”
Singh also firmly expressed that banks undertake transactions merely on trust. While a customer is coming to deposit his money, How would the bankers have an audacity to enquire with the customers by questioning their intentions and credibility.
Singh said that a lot of odds have had to be faced owing to the new notifications issued by the Government. People have been persistently questioning the bankers and disregarding them that they are not tax-officials or police officials. He also noted that two bank officers were beaten down on the streets as they followed the notification guidelines, the way they should have.
He said, “ I have asked RBI to disclose what is the currency they have issued city-wise, bank-wise on a daily basis. That will make the position clear. If my statement is proven wrong RBI’s credibility would only increase but they have not replied. I represent 2.83 lakh officers who are running the banking system but RBI and government won’t reply to us.
He also suggested that are likely to have incurred an amount close to Rs.3000 Crore per day to implement the decision of demonetisation.
