Are banks doing enough to keep our money safe?

Is your money safe in the bank? A spate of robberies, which hit the Capital and NCR regions, prove otherwise, reports Karan Choudhury.

Is your money safe in the bank? A spate of robberies, which hit the Capital and NCR regions, prove otherwise.

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The robberies were committed in broad daylight at gunpoint. In the last two cases, the banks, one in South and the other in Outer Delhi, did not have any CCTV cameras and the security guards were on leave for the day.

So are banks doing enough to keep your money safe? Unni Krishnan, Deputy CEO of Indian Banking Association, said, “We have guidelines about security measures to be taken in banks and while the money is in transit. The banks are supposed to follow them and they do.”

On the issue of no security cameras inside the bank’s premises, Krishnan added that the Reserve Bank if India is the regulatory body that inspects bank establishments to check these norms.

The security guards at the banks are there to protect the money but they aren't allowed to be a trigger-happy bunch, he said.

“It is not about carrying sophisticated weapons and shooting the robbers. The main aim is to protect life first,” added Krishnan.

Kunwar Uttam Singh, chairman of Central Association of Private Security Agencies, said, “Cash transit is a specialized job. It is done in a planned manner, keeping no scope for error.” He added that the clients decide the kind of security they want.

“They have a set amount they spend on security and we provide it accordingly. Hiring an armed guard costs more,” he said.

Finding gunmen is also difficult as many times the weapons are confiscated during elections and other important happenings.

Regarding the involvement of security agency insiders in crimes, he said that the agencies do background checks but there can be some glitches in the process.

The association is now planning to outsource background checking to private detective agencies.