Banks become a soft target of people’s anger

Banks are seemingly caught in Prime Minister Narendra Modi’s ‘war on cash’, bearing the brunt of the cash-starved people across the state. When the demand-supply theory strikingly failed to work in currency circulation, banks have become a soft target of people’s anger. The statements of Chief Minister N Chandrababu Naidu blaming the bankers for their ‘failure’ to rise to the occasion and address the currency needs of the people seem prompting the angry mobs to turn their ire against the banks.
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A commercial bank at Kondepi in Prakasam district was attacked by customers who lost their cool after waiting for several hours agonizingly for withdrawal of cash from their accounts. A police force was deployed to restore order. Similar violent scenes were witnessed in Amaravati and Prattipadu in Guntur district on Tuesday. According to reports reaching from the district centres, the banks and ATMs continue to be flooded with hordes of customers in the fond hope of getting their turn to receive cash.

To quote a bank manager from the capital region, situation is likely to become more volatile in the days to come, making banks vulnerable to violent attacks as there appear no signs of the RBI making effective measures to tide over the cash crisis. Tension gripped the bankers all over the state on Wednesday on the eve of disbursal of salaries to employees and pensions to retired personnel scheduled on December 1. Inquiries revealed that the bankers have planned to make part-payments at the rate of Rs 10,000 per employee. APNGOs Association president P Ashok Babu said the association has requested to open cash counters at Gollapudi on the city outskirts for making the task of cash withdrawal easy for the NGOs and the Class IV employees.
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The bankers squarely blamed it on the RBI for failing to meet the currency requirements since the PM’s surgical strike against the black money. A leading PSU bank manager in Tirupati has received Rs 20 lakh from the bank chest as against his requirement of Rs 80 lakh. “It has become literally a herculean task to cope with the situation,” he told to the reporters about his condition of anonymity.

Courtesy : http://www.thehansindia.com