Home » Currency crisis: With no adequate cash, Banks in Imphal are left as scapegoats

Currency crisis: With no adequate cash, Banks in Imphal are left as scapegoats

by IT Web Admin
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Imphal, Nov 28: With irresponsible activities of the Reserved Bank of India (RBI) authority, banks in Imphal are now left as scapegoat to the wrath of the common men.
A reliable source said that cash requirement for the state are decided by the RBI authority in consultation with the state government. RBI is the sole authority to look into the requirement of cash in every bank. But without going into proper access on what type of denomination is required by the common people the RBI takes its own decision and so far after the demonetization RBI has sent Rs. 681 crore in new denomination mostly in Rs 2000 currency note.
“Last Friday the RBI sent Rs 83 crore for the SBI and Rs. 60 crore for the UBI here in the state of Manipur. It is only this time that new denomination of Rs. 500 and Rs. 100 has been mixed along with the Rs. 2000 denomination”, a bank official who does not want to disclose his identity said to Imphal Times.
“Above all why the currency chest of the RBI here in Imphal are left half empty?” asked the bank official.
On being enquired about the incident happened today at the MU Branch office of SBI at Canchipur, the official said that it is natural that the Manager of the bank satisfied all the customers and the few cash in stock would have created headache to the manager as his branch is yet to get the allotted amount of Rs. 1.5 crore. All he did was to manage with the stock remained in his bank the official clarified.
Meanwhile, Banks in Imphal, particularly the UBI and SBI branches are still seen crowded with their customers who comes for withdrawal of money for buying their day-today requirements even after 20 days of demonetization of Rs. 500 and Rs. 1000 denominations.
Some went back by cursing the bank with Rs. 4000/- in Rs. 2000 denominations as in a state like Manipur placing for using the Rs. 2000 denominations are less. Others who were force to return as the bank go out of cash. On the other hand those with Rs. 2000 denomination are facing problems of getting change while buying essential commodities from the market.
“Why are the banks not proving us Rs. 100 or Rs. 50 denomination? Why the shopkeepers are have no change to return while buying essential commodities? Where have all the smaller denominations gone? Are some people deliberately freezing the smaller denomination?”, asked a customer of UBI bank.
The question strikes an idea of some people deliberately keeping the smaller denomination as the talk about some people exchanging demonetize currency note at 20% or 30% has been spreading.
If the authority of the reserved bank of India is concern about making success of the Prime Minister Narendra Modi’s bold move than the authority should not remain idle, instead should access the demand of the public and make the banks filled with smaller denomination of Rs. 50, Rs. 100 and of course Rs. 500/-. Their irresponsible behaviors are making the bank scapegoat to the wrath of the common people.

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Imphal Times is a daily English newspaper published in Imphal and is registered with Registrar of the Newspapers for India with Regd. No MANENG/2013/51092


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