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Demonetisation chaos: Urjit Patel should resign, bank union chief demands

Demonetisation chaos: Urjit Patel should resign, bank union chief demands
Franco held Urjit Patel morally responsible for the death of 50 people, including 11 bank officials who died on account of demonetisation of higher currency notes. Image Source: Reuters
Written By: ZeeBiz WebTeam
Updated: Mon, Nov 21, 2016
03:23 pm
Mumbai, ZeeBiz WebDesk
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The head of All India Bank Officer’s Confederation, D Thomas Franco, on Monday called for the resignation of Reserve Bank of India (RBI) governor, Urjit Patel, on moral grounds.  

Franco held Urjit Patel morally responsible for the death of 50 people, including 11 bank officials who died on account of demonetisation of higher currency notes in the Indian economy, a report by Indian Express said.

The head of the banker’s union said that Patel has failed in his role as a governor by taking a crucial economic decision without planning which has brought ‘havoc’ to the country.

Criticising the lack of planning by the RBI, Franco said that currently old and soiled Rs 100 notes, which are not being accepted by machines, are being circulated because of lack of Rs 500 notes that are not available even after 11 days.

Expressing the plight of the bankers, he said that they have been working 16-18 hours a day and are unable to claim leaves due to this move.

Lack of planning was also evident from Department of Economic Affairs Secretary, Shaktikantha Das announcing new regulations and exemptions every day, Franco said.

RBI has not allowed cooperative banks that serve crores of rural population to exchange currencies, Franco said.

Franco pointed out that this lack of planning has affected growth rate and will continue to impact the economy for another 12-15 months.