On 8th November, 2016, PM Modi suddenly announced scrapping of 500 and 100 notes and entrusted the responsibility to bankers. To curb corruption. To stop terrorist funding. To unearth Black money. Responsibility was shouldered on Bankers. As they have done always created history in implementing various schemes launched by Prime Minister since he came to power. Be it Jan Dhan, Mudra, Bima or any other. So Bankers were all tested. If they can implement Insurance Schemes (PMJBY). They can do it easily. Because this the bankers’ core subject.

Well, Bankers did well. They were admired from all sections of the society. In person, in media and on social media. People were saluting bankers for the marvelous job they were doing.

They were tired by working 18-20 hours. But the praise and appreciation from public gives them energy and enthusiasm. They worked happily on holidays. They were feeling as if they are the soldiers. Fighting for the country. The feeling when entering branch was like Sachin entering to cricket ground with his bat and pads on. So far all bankers were happy by serving the people, the country.

Then suddenly some news started popping up about the raids and ceasing of new currency notes. And started hue and cry in the media. A news came that 27 employees of banks suspended or transferred. News of a few bank officials allegedly involved in the exchange of old notes came out.

And the ball started spinning, from praises to abuses, saluting to locking bankers in branch premises, from love to hate messages on Facebook and twitter. The feeling of a soldier in bankers started vanishing. Bankers have been made villains. They have been declared corrupt. Bankers are giving crores to a few selected.

The remarkable and historical step by our Prime Minister is on the verge of failing its objective due to Banks. The black money could not be unearthed due to bankers. Corruption could not be curbed due to Bankers. Yes, the public at large has been convinced to think so by flashing these news.

A CNN-News18 poll shows that the public attributes 50 per cent of the post-demonetization problems to banks, 44 per cent to Government and only 6 per cent to RBI.

 

If you are not a banker, you should understand how banks work. Why it is not that easy for bankers. What they are suffering.

Bank Managers Exchanged crores.

A currency chest in Delhi gets Rs.2o crores from RBI for 2 days. Around 100 branches are attached to a chest. Now calculate how much one branch get for days. 10 lacs. So if one branch do not give a single penny to public for two weeks, even then it works out to 1 crore. Is it feasible?

RBI remit currency to Currency Chest and then currency chest distribute it to branches. Currency Chests are controlled by RBI. RBI never disclosed, how much money has been given to which chest.

Why Banks not allowing Rs.24,000 withdrawal, when Government has allowed so?

A Branch is getting 10 lacs per day. So if branch gives 24,000 per customer, it can serve only 41 customers. There are some 500-1000 people coming for withdrawal. So, if bank is giving 5000 to 200 people instead of giving 24000 to 41 people, something is cooking inside?

A Bank Manager/ Cashier has all control over cash they get in Branch?

A Bank Branch keeps record of each and every note. How much amount is received and distributed including number of notes is recorded. So if branch gets 20 lacs (1000 notes of Rs.2000) in morning, it can be checked that out of these 1000 notes, how many given to which account holder and how many are left. The system is monitored and audited. Its not at all one man show, who can control the cash.

Bank Managers have easily exchanged old 500 and 1000 notes with new currency?

On 9th November, the very next day of demonetisation announcement, banks were required to report details of currency notes holding to RBI. When the exchange facility was open, Banks were required to enter details of each note, (old as well as new) with Id details in system. Its not easy exchanging even a single note without entering it in system and without Id proof.

What Bankers have suffered in Demonetisation drive
A Bankers is working till late night. He worked on holidays. His leaves got cancelled. He is working in branch, even when it is his son’s marriage at home. He carry cash to and from Currency Chest at his own risk. He has to pay from his own pocket if cash mismatches. He is serving you inspite of being sick.

He was suffering all this but was happy serving the people. And the country. But now all the blames are on Him. If RBI is not giving sufficient currency. Banker is responsible. If a businessman is held with new currency. Suspect is Banker.

Now the Banker is afraid. Branches are being raided by Income Tax. He is stressed. Because He’s been framed as a Villain.

See some of Headlines of Newspapers:
11 Bankers Died Due To Stress’: Leader Of Bank Officers’ Union Wants RBI Governor To Resign For Demonetisation ‘Havoc

Angry customers, unsupportive management: How bankers are coping with demonetisation

Only 0.003% may have done wrong. All Bankers are not corrupt.

Even if some 30 odd bankers allegedly connived for exchanging notes, it is only 0.003% of total bank employees of more than 10 lacs. Just because of a few all the bankers can not be seen with same eye. You know what this percentage is in parliament. In state assemblies. In Bureaucracy. In Police. In Municipalities. And in other Government departments.

They deserve respect for all their efforts. For their service to nation. They are working without caring of their safety and personal health. They are not being paid extra for doing extra. They do so because it gives them satisfaction. Because they want to serve public. Because they are serving India.

Read what TCS CEO N Chandrasekaran says about Bankers – Bankers need to be saluted for what they have done in last 6 weeks.