TODAY -

Bank officials seek to set record straight
Source: The Sangai Express

Imphal, November 30 2016: The United Forum of Bank Unions (UFBU), Manipur State Committee has decried the attacks on bank officers and staff and alleged slandering campaign launched against them by some people in the wake of the demonetisation of Rs 500 and Rs 1000 notes.

Speaking to media persons at the conference hall of SBI Regional Business Office at Babupara today, UFBU Manipur State Committee convenor H Kishorjit said that the operating system of all banks was changed on November 10 .

As per the new operating system, upper limits were fixed on withdrawal of money.

Rs 100 notes and notes of smaller denominations available with banks were very little.

In the meantime, RBI sent Rs 500 crore to the State for remittance to different banks in four phases.

This amount was sent to chests branches of different banks.

Rs 107 crore was sent on November 11, Rs 281 crore on November 16, Rs 29 crore on November 21 and Rs 83 crore on November 25 .

Out of them, the last dispatch of Rs 83 crore included Rs 20 crore in Rs 500 notes.

SBI has eight chest branches, UBI five and one for UCO in the State.

Each chest branch has their own cash retention limits.

For example, SBI chest can retain Rs 300 crore while UBI chest can retain Rs 250 crore, Kishorjit said.

These amounts sent to different chest branches could not satisfy the public when they were distributed for Government receipts and payments and different bank branches.

Bank officers and staff were really helpless in such a situation, he continued.

UFBU Manipur State Committee co-convenor Soibam Indrakumar remarked that people have been asking where have all the Rs 100 notes and currency notes of smaller denominations gone.

Till November 8, sacks of bundles of Rs 100, Rs 50, Rs 20 and Rs 10 notes were brought and deposited at banks.

However, after November 10, no one came to deposit currency notes of Rs 100 and smaller denominations except the demonetised Rs 500 and Rs 1000 notes.

Quoting an RBI report, Indrakumar said that Rs 17.77 lakh crore were circulated across the country till October 31 .

Out of them 86 per cent (Rs 14.18 lakh crore) were in demonetised Rs 500 and Rs 1000 notes.

As such, banks were not in a position to cater to the cash demands of the public. There were reports that Rs 1000 and Rs 500 were exchanged with currency notes of smaller denominations at Khwairamband Keithel for exchange fees ranging between 10 per cent and 20 per cent.

There were also reports about similar illegal practices done at Moreh to the tune of lakhs of rupees on daily basis.

"We suspect involvement of some law enforcing agencies in these illegal practices", Indrakumar said.

Since Rs 500 and Rs 1000 notes were demonetised, 13 bank officers and staff had died on account of the same move.

It was rather disheartening that bank officers and staff were projected in the wrong light in Manipur even though they were working under such adverse conditions, he added.


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