Bank Employees Federation's qualm over demonetization

Guwahati, Nov 29: Bank Employees Federation (North Eastern Region) expresses deep anxiety over the unfortute happenings in the entire country on demonetization and demands the Central Government and Reserve Bank of India to ensure adequate supply of currency notes of Rs.500, Rs.100, Rs.50 immediately. We also express deep agony and stark surprise that a peaceful gate demonstration of our members staged in front of UCO Bank, Fancy Bazar Branch in the evening of November 24 was ruthlessly intercepted and stopped by the Police officials. We also urge upon all Bank magements to provide adequate manpower to deal with the situation and serve the constituents with legitimate possession of demonetized currency notes.

Following demonetisation of currency notes of Rs. 500 and Rs. 1000 denomitions at Central Government’s decision pronounced by the Prime Minister on November 8, 2016, the monetary scerio all over the country has become seriously affected. In absence of the currency notes of denomitions like Rs. 500, Rs. 100, day to day transactions have become seriously handicapped. Currency notes released so far by the RBI since November 8, 2016, consists mostly of 2000-rupee notes, which practically lacks in exchange value. Lives of these people are faced with extreme crisis as they are not able to deposit 500 and 1000 currencies, nor are they having chances to exchange. In terms of RBI circulars, the District Co-operative & Credit Banks and other cooperatives have been excluded from exchanging and accepting demonetised notes. It has to be noted in this connection that DCCBs and co-operatives have living links with the rural people, especially as the farmers maintain their account with cooperative banks only and Cooperative Banks are the only institutions for the rural people to deposit and exchange the demonetised currencies. As per estimations of Government itself, more than 12 crore of agrarian populace has access only to Co-operative Banking Sector for all banking needs. If their urges for exchange of notes and deposit of demonetised currencies are denied by the RBI and Government authorities, how would they survive at this hour of crisis?

Owing to acute shortage of notes, RBI has been forced to make supply of non-issuable soiled currencies to commercial banks. This has not only substantially defeated the clean note policy, but the re-introduction and circulation of soiled, worn-out and dirty 100-rupee and 50-rupee notes has posed a dangerous threat to public health in general.

There can be no second opinion that the decision of banning the 500 and 1000 rupee notes was all abrupt and sudden, whereas assessment of people’s imminent crisis or preparations for redressal was seriously lacking. The prices paid so far by the people in general and bank employees in particular have been fatal : as many as 11 bank employees and more than 60 other people of the country have lost their lives. General Secretary of Bank Employees Federation (NER) D C Kakati said in a press release.