Sudden note ban has led to 'financial chaos', say bank unions

November 14, 2016

Vadodara, Nov 14: Two leading bank unions today criticised the government over demonetisation of Rs 500 and Rs 1,000 notes, saying the move has led to "financial chaos" across the country. In a letter to Indian Banks' Association (IBA), All India Bank Officers' Association (AIBOA) and All India Bank Employees Association (AIBEA) said the decision to withdraw the high-value notes was taken without proper planning or preparation.

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They also highlighted heavy work pressure on employees and officers at bank branches in the wake of demonetisation which has led to customers rushing to exchange the now defunct notes. "Chaotic situation is prevailing at the bank branches and this is unbearable for both customers as well as bank employees and officers," S Nagarajan, General Secretary of AIBOA, and C H Venkatachalam, his counterpart at AIBEA, said in the letter to IBA, the apex body of bank managements.

There is a huge shortage of Rs 100 notes which are now in great demand for routine needs, while most customers are not willing to accept the new Rs 2,000 bill, they said. "The Centre and the Reserve Bank must be fully aware that already there is a huge gap between the indent and supply of Rs 100 notes.

"For example, in 2015-16, as against the indent of 535 crore pieces of Rs 100 notes, the supply received was only to the tune of 490 crore pieces," according to the letter. "One cannot understand the reason behind banning the existing Rs 500 notes and not providing new supply of Rs 500 notes in time," it added.

Most of the 2.20 lakh ATMs across the country are closed or partly functional. This has put additional pressure on the staff and customers are compelled to visit branches to withdraw cash from their accounts, the two unions said.

Nagarajan and Venkatachalam requested the IBA to ensure the RBI supplies adequate cash in denominations of Rs 100 and new Rs 500 notes to ease pressure on banks and provide relief to customers.

Comments

Althaf
 - 
Monday, 14 Nov 2016

Abki baar no bekaar sarkaar

Rikaz
 - 
Monday, 14 Nov 2016

It is an utter failure of Modi Government that it did not make proper prior arrangement.....most of those riches do not have problem they could use their credit card and debit card and foreign income that was diverted before withdrawal of currency....Modi helped them all.....poor's have to suffer because of it they don't have credit card or debit card and some of them do not have bank account.....what is going on....condition is very much pathetic....need to solve it as soon as possible before it is too late.....

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News Network
December 19,2025

Mangaluru: Public transport in Mangaluru is set for a state-led transformation as the government moves to deploy 100 new electric govt buses to replace unreliable private services. The initiative aims to provide a dependable alternative to private operators who have been frequently "cutting trips," leaving thousands of commuters stranded.

The announcement was made by Deputy Commissioner and MCC Administrator Darshan HV during a public phone-in session. The move specifically targets routes where private bus service has become erratic, ensuring that citizens no longer have to rely on a fluctuating private sector for their daily commute.

Restoring the Govt Presence

The transport crisis was brought to the forefront by Ramayya, a resident of Bajal, who highlighted a growing trend of private buses skipping morning and night trips. With the previous KSRTC (govt) services discontinued, residents have been left without a fallback option.

To fix this, the DC confirmed that the PM-eBus Sewa Scheme will bring 100 government-owned electric buses to the city:

•    Phased Deployment: The first 50 of the new 100 government buses are scheduled to arrive by March 2026.

•    State Infrastructure: Two new government depots, including one at Mudipu, are being prepared for operations.

•    Recruitment: The state has already begun training a new batch of government bus drivers to ensure the fleet is operational the moment it arrives.

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News Network
December 17,2025

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Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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News Network
December 19,2025

Mangaluru: In a decisive move to tackle the city’s deteriorating sanitation infrastructure, the Mangaluru City Corporation (MCC) has announced a massive ₹1,200 crore action plan to overhaul its underground drainage (UGD) network.

The initiative, spearheaded by Deputy Commissioner and MCC Administrator Darshan HV, aims to bridge "missing links" in the current system that have left residents grappling with overflowing sewage and environmental hazards.

The Breaking Point

The announcement follows a high-intensity phone-in session on Thursday, where the DC was flooded with grievances from frustrated citizens. Residents, including Savithri from Yekkur, described a harrowing reality: raw sewage from apartments leaking into stormwater drains, creating a "permanent stink" and turning residential zones into mosquito breeding grounds.

"We are facing immense difficulties due to the stench and the health risks. Local officials have remained silent until now," one resident reported during the session.

The Strategy: A Six-Year Vision

DC Darshan HV confirmed that the proposed plan is not a temporary patch but a comprehensive six-year roadmap designed to accommodate Mangaluru’s projected population growth. Key highlights of the plan include:

•    Infrastructure Expansion: Laying additional pipelines to connect older neighborhoods to the main grid.

•    STP Crackdown: Stricter enforcement of Sewage Treatment Plant (STP) regulations. While new apartments are required to have functional STPs, many older buildings lack them entirely, and several newer units are reportedly non-functional.

•    Budgetary Push: The plan has already been discussed with the district in-charge minister and the Secretary of the Urban Development Department. It is slated for formal presentation in the upcoming state budget.

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