Interview with Ch. Venkatachalam
Interviewed by Bodapati Srujana

C. H. Venkatachalam, General Secretary of All India Bank Employees’ Association (AIBEA), speaks to Newsclick on the reason why bank unions called for a strike on the August 22. The government’s gradual move towards privatising the banking sector is one of the reasons for calling the strike, he said and also demanded the government should provide the required capital to the public sector banks. It is a mistaken notion to think that public sector banks are a drain on the exchequer. These banks have to give back huge funds to the government in the form of dividend payments and income tax payments.

Courtesy: Newsclick.in

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According to them, the cash scarcity spilling over to next week will make people more impatient when receiving and withdrawing salary will become difficult.

“Cash shortage will continue even if the four currency note printing presses run at their optimum capacity. It will take four to five months to restore normalcy in cash supply,” P K Biswas, general secretary of bank employees’ union BEFI, said here.
Mr Biswas alleged that some customers have vandalised bank property in some of branches of public sector banks and halted banking operations due to cash shortage post-demonetisation.

As of March this year, there were 15,707 million pieces of old Rs. 500 notes and 6,326 million pieces of Rs. 1,000 notes in circulation, the union said.

The situation “can turn worse” in a week or so if the customers face difficulties in withdrawing their salaries from banks and ATMs, the bank employees’ union said.

It said printing ink and dice for new denomination notes have reached the Salboni printing facility in West Bengal, but when the actual printing will start is yet to be known.

Courtesy: Janta Ka Reporter

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