RBI plans to change policy on currency distribution; unions resist
By Vaibhav Aggarwal
May 18, 2012
Print    Email    RSS   

RBI staff unions are resisting the proposed change of currency distribution by the central bank, the Reserve Bank of India (RBI).

The proposed policy change would make currency distribution the responsibility of bank branches and currency chests across the country. Currency distribution is currently the responsibility of the RBI.

The move would mean shutting down of state centers of RBI, a move which will hit the staff strength. The unions have raised their voice against the move claiming the move would mean RBI is abdicating from core function of the central bank- distribution of currency.
There are around 5000 currency chests and 4000 small coin depots which have been assisting in currency circulation.

There are adequate coins in circulation, stated RBI, but the banks are not efficient in circulating coins to retail customer.

The RBI should have watched the entire process of the distribution with a tight control, but, on the contrary has decided to close the existing RBI counters.

The Finance Minister Pranab Mukherjee recently stated, "It (currency distribution) is also the most visible of its functions, as it touches directly and immensely the common person.

The unions feel the absence of RBI from the distribution scene would give opportunities to unscrupulous people to take advantage and start hoarding and racketeering activities.

Strict monitoring and regular inspections of the chests and branches would hold the key.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Guidelines to apply for NRI Personal Loans
Personal loan: Lender of the last resort
J&K Bank raises PLR
Bank loans that could glitter for you
An Insight into Lending Rate Changes

What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan
i need my personal loan track statement

LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive