Don’t support bankers helping currency hoarders: Bank union

Chennai, Nov 16 (IANS) A major bank union on Wednesday said it does not support unscrupulous bankers who do not follow the prescribed procedures and who assist currency hoarders to convert their invalid 500 and 1,000 rupee notes.

“I am ashamed to hear about bankers who do not follow prescribed procedures while exchanging the invalid currency notes for valid ones. But the system is such that I cannot say all are angels,” All India Bank Employees’ Association General Secretary C.H.Venkatachalam told IANS.

“The union does not support such acts or those indulging in such acts,” he added.

Complaints have been voiced by customers of some banks that somebody else has exchanged the demonetised currency notes, using their accounts with the assistance of bank employees.

The Reserve Bank of India in its instructions has clearly said that a person who does not have a bank account can exchange the 500/1,000 rupee notes using a bank account of his relative/friend having an account only on written permission.

Queried about the supplies of indelible ink to curb multiple note exchange transactions by a single person, Venkatachalam said the bottles are yet to arrive at the branch level.

Meanwhile an employee of a nationalised bank in the Coimbatore/Tiruppur belt told IANS that the situation seems to be improving as customers are now depositing some Rs 100 notes and the length of queue for cash has gone down.