RBI staff opposes Guv's move on currency, coin distribution

RBI staff opposes Guv's move on currency, coin distribution

Reserve Bank of India (RBI) employees and officers are up in the arms against the RBI Governor's recent move to channelise the distribution of currency and coins only through currency chests and bank branches.

United Forum of Reserve Bank Officers and Employees, in a statement said the move will deprive the public of the quality service that they have been getting from RBI for decades and seriously hit the staff strength of RBI across all the cadres.

As per RBI data 1.12 lakh million pieces of coins of value Rs.12, 628 crores were in circulation in March 2011, which must have added another 11,225 crore pieces by now.

"If the RBI totally disappears from the scene, this will send a signal to the racketeers, who we apprehend. They will make it their preying ground and the common people will be the worst victims. This will lead the entire currency management to anarchy," the release said.

"To overcome the crisis, the RBI should gear itself up for more effective intervention for activating the chest offices and the bank branches by undertaking regular inspections and at the same time further improve and extend the services of its own offices in this regard.

Abdicating its responsibilities and passing on the buck to others or assigning the jobs with private agencies will be most unbecoming for a premiere institution like RBI and a sure recipe for disaster," it added.

Members of United Forum of Reserve Bank Officers and Employees met respective regional directors all cover the country requesting the authorities to desist from closing its services to people and effectively persuade commercial banks to cater to peoples' needs in every nook and corner, if necessary by deployment of more staff and technology in this sensitive area, the release said.

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