.........“If the RBI totally withdraws from the scene this will send a signal to the racketeers and the common people will be the worst victims. This will throw the entire currency management into a state of anarchy,” feared Thomas Joseph, convener, United Forum of Reserve Bank Officers and Employees and secretary, Reserve Bank Employees Association (RBEA). While the Central Bank will be shorn of one of its core functions, the move will also deprive the public of a valuable service enjoyed by them for decades.............
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3 comments:
I think that RBIs definition of customer service is that no customer should enter the portals of RBI. It is highly ridiculous that RBI preaches one and that practices the other.
The uninformed interpretation of LPG(Liberalisation-Privatisation-Gobalisation) is resulting in job-reduction in organized sector, tampering with age-old social security schemes like pension scheme and an unacceptably commercial approach to pricing of goods and services. This is yet another instance of slapdash approach to mandated functions of statutory bodies.
Sections 38 and 39 of the RBI Act make it obligatory on the part of GOI to put rupee coins into circulation through RBI and on RBI to supply different forms of currency to the public. It is intriguing that within a short period after heralding its intention to be part of GOI’s outreach programmes to ensure financial inclusion to every village, RBI is being persuaded by Centre to withdraw from one of its core functions. RBI withdrawing from the scene will immediately put banks under pressure and short-supply of currency and coins in cities will result in several unethical practices. No big research is needed to see that already under-staffed banks will not be in a position to fill the vacuum created by RBI’s withdrawal. Already there are pockets like bus depots and religious centres where coins are piling up waiting for bank staff to accept. In such a situation, banks will scare away customers approaching for exchange of notes and coins.
M G WARRIER
The uninformed interpretation of LPG(Liberalisation-Privatisation-Gobalisation) is resulting in job-reduction in organized sector, tampering with age-old social security schemes like pension scheme and an unacceptably commercial approach to pricing of goods and services. This is yet another instance of slapdash approach to mandated functions of statutory bodies.
Sections 38 and 39 of the RBI Act make it obligatory on the part of GOI to put rupee coins into circulation through RBI and on RBI to supply different forms of currency to the public. It is intriguing that within a short period after heralding its intention to be part of GOI’s outreach programmes to ensure financial inclusion to every village, RBI is being persuaded by Centre to withdraw from one of its core functions. RBI withdrawing from the scene will immediately put banks under pressure and short-supply of currency and coins in cities will result in several unethical practices. No big research is needed to see that already under-staffed banks will not be in a position to fill the vacuum created by RBI’s withdrawal. Already there are pockets like bus depots and religious centres where coins are piling up waiting for bank staff to accept. In such a situation, banks will scare away customers approaching for exchange of notes and coins.
M G WARRIER
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