Gurgaon banks with currency chests get cash, rest left dry
Banks with little or no cash for have asked for the intervention of the Reserve Bank of Indiagurgaon Updated: Nov 25, 2016 23:36 IST
Barring six banks, which have currency chests, the rest have been forced to manage with a meagre cash flow leading to unrest among customers. The situation is so serious that banks with little or no cash for dispensation have asked for the intervention of the Reserve Bank of India (RBI).
Cash distribution in the city has been so skewed that while banks with chests have delivered Rs903.16 crore to their branches, they have only given Rs57.57 crore to other banks. The unequal distribution has raised the hackles of even the district administration, which has decided to take the matter up with the RBI.
State Bank of India, which has 37 branches in Gurgaon, has distributed Rs175 crore to its branches and only Rs22.5 crore to other banks, including post offices, from November 9 to 25.
The Oriental Bank of Commerce (OBC) has given only Rs7 lakh out of Rs140.4 crore to other banks till date. The Punjab National Bank has dispensed Rs56 crore during this period but gave only Rs5 crore to other banks.
The HDFC bank, which had a corpus of Rs475 crore, delivered only Rs30 crore to other banks while the rest was given to its branches.
The poor distribution of cash to other banks has led to resentment among bankers, who raised the matter with the RBI representative and the district administration.
Representatives of Vijaya Bank, Indian Bank, India Overseas Bank, Uco Bank and others said they have been short of cash, whereas the banks that have chests are dispensing cash without any problem.
“How do we satisfy our customers when they complain that nearby HDFC or SBI are dispensing cash?” said a banker.
“The disparity in cash distribution has to be addressed as several banks are facing problems due to shortage of cash. The RBI needs to look into this matter,” said Vinay Partap Singh, additional deputy commissioner , Gurgaon, adding they will write to the RBI to resolve the matter at the earliest.
RC Nayak, lead bank manager for Gurgaon, also called for improvement in dispensation of cash and sought the intervention of higher authorities. “We must make currency distribution equitable,” he said.
Nadeem Ashraf, additional general manager, RBI, said higher authorities will be asked to take this issue into consideration. “We will certainly look into the matter,” he said.
First Published: Nov 25, 2016 23:36 IST