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LATEST NEWS UPDATES | Harried bankers want to shut shop till there's enough cash -Saloni Shukla

Harried bankers want to shut shop till there's enough cash -Saloni Shukla

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published Published on Dec 5, 2016   modified Modified on Dec 6, 2016
-The Economic Times

MUMBAI: Bank employees want branches to be closed until the Reserve Bank of India (RBI) supplies sufficient quantities of currency notes as irate customers increasingly harass staffers and indulge in arson and physical assault amid a cash shortage following demonetisation of high denomination notes last month.

"RBI should take a view to stop banking operations for 15 days till adequate money is available. Let RBI close the banks till money comes," said CH Venkatachalam, chief of the All India Bank Employees' Association (AIBEA). "This is an unplanned move — everyone supports removal of black money — but this won't remove black money and is harassing ordinary people and bank employees."

Bank employees have a difficult time explaining to customers why they run out of cash and the RBI must divulge its strategy on handling the current crisis, Venkatachalam said, ruling out any form of a strike because it would only add to the woes of the people. The Chennai-based AIBEA is the oldest and largest national trade union centre of bank employees in India.

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The Economic Times, 5 December, 2016, http://economictimes.indiatimes.com/industry/banking/finance/banking/harried-bankers-want-to-shut-shop-till-theres-enough-cash/articleshow/55798656.cms


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