Bank unions threaten strike over escalating work pressure, demand bank closure till cash supply improves

Combating with the increasing work pressure in the wake of demonetisation and grappling with currency shortage, bank unions have threatened of agitation, including a strike against the government.
Demonetisation fallout
India TV Business Desk New Delhi December 06, 2016 13:35 IST

Combating with the increasing work pressure in the wake of demonetisation and grappling with currency shortage, bank unions have threatened of agitation, including a strike against the government. 

According to a Business Standard report, bank unions have refuted the claims of the government and the RBI that there has been some improvement in supply for currency notes in the system, asserting that the ground reality is different. 

The report cited C H Venkatachalam, general secretary of the All India Bank Employees Association (AIBEA), saying that if the problems for bank employees continue, the unions would be compelled to strike. 

Venkatachalam said that with ATMs running out of cash, people are becoming restless and escalate into quarrels with bank staff. This is making difficult for employees to work as the situation is affecting their physical as well as mental health. 

Moreover, according to an Economic Times report, bank employees want branches to be closed until the RBI supplies ample quantities of currency notes, asserting that angry customers increasingly harass bank staffers and indulge in arson and physical assault. 

“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,” Economic Times quoted C H Venkatachalam as saying. 

“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,” he added. 

Demand for currency notes has exceeded the supply of new notes, which have to be sent to over 2 lakh ATMs and 1.35 lakh bank branches across the country, especially during the first week of the month, when salaries are paid. 

Moreover, lack of enough supply of small-denomination is another major problem as banks are yet to get the new Rs 500 notes and customers are reluctant to accept Rs 2,000 notes. 

 
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