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 16,2025

Mangaluru, Dec 16: The Mangaluru City police have significantly escalated their campaign against drug trafficking, arresting 25 individuals and booking 12 cases under the Narcotic Drugs and Psychotropic Substances (NDPS) Act between November 30 and December 13. The crackdown resulted in the seizure of a substantial quantity of illicit substances, including 685.6 grams of MDMA and 1.5 kg of ganja.

The success of this recent drive has been significantly boosted by the city’s innovative, QR code-based anonymous reporting system.

"The anonymous reporting system has received an encouraging response. Several recent arrests were made based on inputs received through this system, helping police tighten the noose around drug peddlers," said the City Police Commissioner.

The latest arrests contribute to a robust year-to-date record, underscoring the police's relentless commitment to combating the drug menace.

Up to December 14 this year, the police have registered a total of 107 cases of drug peddling, leading to the arrest of 219 peddlers. Furthermore, they have booked 562 cases of drug consumption, resulting in the arrest of 671 individuals.

The scale of the seizure for the year reflects the magnitude of the problem being tackled: police have seized 320.6 kg of ganja worth ₹88.7 lakh and 1.4 kg of MDMA valued at ₹1.2 crore. Other significant seizures include hydro-weed ganja worth ₹94.7 lakh and cocaine worth ₹1.9 lakh, among others.

The Commissioner emphasized a policy of rigorous enforcement: "We ensure that peddlers are caught red-handed so that they cannot later dispute the case or claim innocence."

To counter the rising trend of substance abuse among youth, the Mangaluru City police have rolled out uniform guidelines for random drug testing across educational institutions.

As part of the drive, tests were conducted in approximately 100 institutions, screening an estimated 5,500 to 6,000 students in the first phase. 20 students tested positive for drug consumption during the initial screening.

Students who tested positive have been provided counselling and are scheduled for re-testing in the second quarter. The testing will also be expanded to students not covered in the first phase. In a move to ensure strict implementation, police personnel were deployed in mufti in some institutions. Reiterating a zero-tolerance stance, the Commissioner confirmed that random testing will continue, and colleges have also been instructed to conduct drug tests at the time of admission to deter substance abuse from an early stage.

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coastaldigest.com news network
December 20,2025

Mangaluru, Dec 20: City Police Commissioner Sudheer Kumar Reddy has issued a high-alert warning to vehicle owners regarding a surge in cyber fraud targeting those looking to pay traffic violation fines. Fraudsters are reportedly exploiting recent government discount schemes on traffic penalties to deceive citizens.

The Scam: How Fraudsters Strike

Criminals are using SMS, WhatsApp, and social media to circulate suspicious links and APK files (Android application packages). They claim these apps allow users to pay e-challans at a discount.

•    Device Hacking: Downloading these unauthorized apps gives hackers full access to the victim's smartphone.

•    Financial Theft: Once the phone is compromised, fraudsters intercept OTPs and personal data to drain bank accounts.

•    Phishing Sites: Fake websites mimicking official portals are also being used to harvest banking credentials.

Already, two residents within Mangaluru city limits have reported significant financial losses after falling victim to these fraudulent apps.

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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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