AIBEA and AIBOA, Punjab Bank Employees Federation (Ludhiana) held protest demonstration

Ludhiana, December 28, 2016: On the call given by All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA), Punjab Bank Employees Federation (Ludhiana) today held a protest demonstration in front of State Bank of Patiala, Zonal office, Miller Ganj, Ludhiana. Com.Ashok Malhan, Vice President, Com.Rajesh Verma, Vice President, Punjab Bank Employees Federation (Ludhiana Unit) addressed the bank employees. Com.Parveen Moudgil, Vice President and other leaders of the Federation were also present in the demonstration.

While addressing the bank employees, leaders of the Federation said that 50 days are over after the announcement by Prime Minister on demonetising 500 and 1000 Rupees currency notes with the aim of curbing black money, removing fake notes and checking terrorist activities. Rs. 14 lacs crores worth of these currency notes were banned and withdrawn from circulation with the hope that a bulk of it which is black money will be stuck up and removed from the economy. But we observe that virtually the entire money has come back to the Banks belying all their expectations. One wonders where the black money has gone. But people know that black money in hard cash is a negligible portion of the black wealth and this measure was not going to eradicate black money in any big way. Unless fundamental steps are taken to prevent creation of black money, demonetisation alone will not help. Further, this measure has totally upset the common people who are using the 500/1000 notes in their normal life.

The fact that this announcement was not made without proper planning to supply replacement of cash is now creating so much of problem for the public, bank customers and bank employees and officers.

Bank employees and officers have risen to the occasion and done their extraordinary best to serve the people in trying circumstances. But their woes and problems continue unabated. There is acute shortage of cash supply to Bank branches by RBI. Majority of the ATMs are still non-functional or empty without cash. There is unusual rush of customers inside the bank branches but inadequate supply of cash is forcing the branches to deny even withdrawal of the permitted Rs. 24,000 to customers. So customers are angry and irritation is shown to bank staff for no fault of them.

The frequent news that huge new currencies are detected with some big people is creating suspicion on bank staff. Ordinary bank branches or staff cannot do this because they have cash and the computer system will not permit such huge withdrawal. Hence Govt. should immediately order CBI Enquiry to find out how such huge cash is going out.