Latest delay is shortage of indelible ink at banks

Hyderabad: Following the RBI’s new rule of using indelible ink to mark the index finger of the left hand of a customer while exchanging old notes at banks, most branches did not operate counters until afternoon on Wednesday due to non-availability of the ink.

The RBI had issued a circular to all bankers saying marking of ink was mandatory and the ink – 5 ml bottles – would be supplied to all banks in metro cities in phase-I by the Indian Banks Association (IBA).

But the ink was supplied to very few banks on Wednesday — and only the main branches. Except for SBI and SBH, most branches of other banks had not received the ink. After angry customers protested, a few banks allowed them to exchange the old notes after submitting copies of Aadhaar or PAN cards.

Mr B. Seetha Rambabu, secretary of the All India Bank Employees’ Association, said the RBI was introducing new rules every day, which was creating confusion.
“Now, all banks are facing a shortage of lower denomination currency and the RBI is failing to supply the notes to meet the requirements. Each branch is releasing Rs 15 lakh to Rs 20 lakh every day towards the exchange process.

Sometimes, we need to wait for the currency to arrive from the RBI. Due to this reason, staff at a few banks is saving at least Rs 2 lakh at the end of the day for operating the counters on the next day,” he said.