Bank unions have demanded that Reserve Bank of India come out with details of value of old notes deposited in the central bank (by the public), the value of new notes released by the regulator (for old notes) and the value of soiled notes released to meet the demand.

“There is a huge shortage of smaller denomination notes and this is contrary to the Reserve Bank’s announcement of sufficient currency in hand on several occasions. The situation has not eased even after 20 days of the announcement of demonetisation. The new ₹500 currency is still in short supply and, at some branches, banks are forced to pay ₹4,000 instead of ₹24,000 to customers,” said R Sekaran, Secretary All India Bank Officers’ Confederation – Tamil Nadu State Unit.

Meanwhile D Thomas Franco Rajendra Dev, President, AIBOC-TN, said that there were reports that the Madurai branch of State Bank of India was supplied just ₹5 crore through ICICI Bank and asked to distribute the same in eight southern districts. “While nationalised banks are not getting adequate number of the new ₹500 note for distribution, private banks such as ICICI Bank and HDFC Bank have been getting sufficient supply of notes from day one — of ₹2,000 and ₹100 and now of ₹500 as well.

“The RBI should, therefore, declare date-wise details of the value of old notes deposited by the public, and the value of new notes and soiled notes released to each bank,” he said.

“The situation is likely to worsen in the next two days as pension and salary payments start from December 1. In several branches, there is unrest with the public raising a hue and cry over forbidding them from withdrawing their money,” Franco said, and appealed to the RBI Governor not to issue false statements and increase the pace of supply of ₹500 and ₹100 notes urgently.

AIBOC has also appealed for review of withdrawal limits, taking into account the salaries to be paid and pension to be disbursed.

“The RBI Governor should announce the future roadmap for some clarity. The regular work of bankers, including follow-up of advances, has come to a standstill and we do not know how long this situation would continue,” Franco said

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