RBI is jumping the gun, causing law & order problems at banks

New Delhi, 26^th November, 2016: RBI was causing public unrest outside bank branches by publicly announcing measures before delivering the relevant notifications, guidelines and conditions to bank branches, said the Harvinder Singh, General Secretary of All India Bank Officers Confederation (AIBOC), In an exclusive interview with Varun Krishna, Mr Singh criticized the Reserve Bank  specifically for a premature announcement that those with weddings in the family could withdraw Rs 2.5 lakh cash. Bank branches could not comply, as they were yet to receive the Reserve Bank's notification, and the public vented its anger and frustration on the bank officers, the trade union leader pointed out.

RBI should send notifications to banks before making public announcements: AIBOC

 

"Law and order outside the bank branches is to be looked after by us (officers)," said Harvinder Singh. "One of two policemen cannot control the mob. When people come inside, there are issues because they have advance information of RBI guidelines that have been issued. However, banks need to receive the official notification of RBI, and only then can they make the changes in their system. Unless the systems are changed, we are not able to cater to those customers who have come with the expectation that yesterday RBI has declared, and so I should get the service from today only. RBI should send the instructions to banks first, and then they should announce, so that there is no mismatch. We are suffering because the customers are expressing their anger and anguish against the bankers, because they don't know the reality," said the officers' trade union leader.

Listen to the voice recording.

"For example, 3-4 days back, RBI declared that the families where marriage is to be solemnized can withdraw Rs 2.5 lakhs from the bank. But actual guidelines and conditions have come only yesterday. So a lot of customers were demanding this money, but in the absence of these conditions or notifications, we could not serve them. The customers felt the bank employees were at fault. That is my concern as a trade union leader," Harvinder Singh said.

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