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Police Officials in Delhi are Forcing Bankers to Deposit or Exchange their Old currency for New money

Senior Delhi Police officers denied the allegations and said they had not received any complaint from any bank

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old notes to become illeagal by 2017
Indian Currency. Pixabay

New Delhi, November 25, 2016: Bankers here say that a section of police personnel are still forcing them to deposit or exchange their old currency for new money although the facility ended on Thursday midnight.

A few bankers IANS spoke to on the condition of anonymity said they were being pressured by police personnel in uniform to provide them new 500 and 2,000 rupee notes in lieu of the demonetised currency.

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Some bank employees who tried to approach senior police officers backed off after being told by the policemen that the money they wanted, converted or deposited belonged to their bosses.

[bctt tweet=””I have no option but to do what the policeman wants.”” username=””]

They (policemen) making such demands were those deputed outside to provide security to our bank. They are not bothered about our problems. They just want to exchange their old notes all the time, one senior officer of a state-run bank told IANS.

The officer admitted that for a few days after the demonetisation was announced on November 8 she did help the policemen change their old currency for new even after banking hours.

The officer, like the others IANS spoke to, said they did this because they felt sorry for the police personnel who spent the whole day trying to control the mobs outside.

A few policemen also related personal problems to generate sympathy.

But now they talk to my colleagues and me in a way that amounts to threatening us although not in so many words. I don’t know what to do, said one female bank officer.

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Senior Delhi Police officers denied the allegations and said they had not received any complaint from any bank.

The government announced on Thursday that exchange of the demonetised currency would cease from midnight of Thursday in all banks. The facility would, however, continue at RBI offices.

But the policemen seem to have no respect for rules, the bankers said.

Unable to handle the pressure caused by an ill-mannered cop, a relationship manager of another bank told IANS: I have no option but to do what the policeman wants.

The policeman threatened to go to the Income Tax Department and lodge a complaint against me. If my senior is not taking action against the policeman, why would I face unwanted problems, the bank official asked.

Another banker complained about a police sub-inspector who allegedly brings in friends all through the day and tells the bankers to exchange their old currency for new money.

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When we tell the policeman not to make us do such things, he argues with us, the bank employee told IANS.

All the bank employees insisted they should not be identified by name or designation and that even the names of their banks should not be revealed because they did not want to face the policemen’s wrath. (IANS)

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RBI Won’t Hesitate on Steps for Financial Stability, Says Governor

Das further said that in a flexible inflation targeting framework, a delicate balance needs to be maintained between inflation and growth objectives

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Reserve Bank of India. VOA

Assuring the crisis-hit NBFC sector will be monitored, Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will not hesitate to take any required measure to maintain the financial stability of the economy.

In a lecture at the Lal Bahadur Shastri National Academy of Administration, Mussoorie, on the “evolving role of central banks”, Das also said that financial stability is major factor considered in the RBI’s monetary policy.

“In the non-banking sector, the Reserve Bank has recently come out with draft guidelines for a robust liquidity framework for the NBFCs. We are also giving a fresh look at their regulatory and supervisory framework. It is our endeavour to have an optimal level of regulation and supervision so that the NBFC sector is financially resilient and robust,” he said.

“The Reserve Bank will continue to monitor the activity and performance of this sector with a focus on major entities and their inter-linkages with other sectors. The Reserve Bank will not hesitate to take any required steps to maintain financial stability,” he added.

Reserve Bank of India. Wikimedia Commons

The liquidity crisis in the non-banking financial companies (NBFC) came to light when IL&FS defaulted on a commercial paper in September.

Das further said that in a flexible inflation targeting framework, a delicate balance needs to be maintained between inflation and growth objectives.

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“Post global financial crisis, it has been recognised that price stability may not be sufficient for financial stability and therefore financial stability has emerged as another key consideration for monetary policy, though jury is still out as to whether it should be added as an explicit objective of monetary policy.

“The fact remains that though the focus of monetary policy is mainly on inflation and growth, the underlying theme has always been financial stability,” the Governor said. (IANS)