The new RBI Governor, Urjit Patel. (Photo: Reuters)
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RBI Governor Must Resign: Bankers’ Confederation on Demonetisation

D Thomas Franco, senior Vice-President of All India Bank Officers Confederation, have asked for RBI Governor Urjit Patel’s resignation, accusing him bringing “havoc to the nation’s economy”, according to a report by The Indian Express.

We all know that neither Prime Minister Narendra Modi nor Finance Minister Arun Jaitley is an economist. We have economists in RBI to take the right decisions on matters relating to the economy and people’s lives. The present governor has utterly failed in his role by taking a crucial economic decision without planning, which has brought havoc to the nation’s economy and lives of the majority.
D Thomas Franco, Senior Vice President

The confederation represents senior officials from various sectors of the economic spectrum, including nationalised and private sector agencies.

Commenting on the issue of demonetisation that has caused at least 50 days since the announcement of the policy on 8 November, Franco added:

People are crying at bank counters. Eleven bank officers have died due to stress. An average bank officer has been working up to 16-18 hours… Officers in the ranks of joint custodian in the currency administration cells in banks are the most affected. Many of them couldn’t even claim half-a-day’s leave after working 18 hours for 11 consecutive days.

He demanded Patel to take moral responsibility for these deaths.

Franco took a dig at RBI and said:

RBI has to now count and verify all these banned notes again... Moreover, the RBI is not allowing cooperative banks to exchange currency. They are institutions with a total Rs 10 lakh crore investment and one lakh branches in the most remote areas of the country, serving a rural population of crores.
D Thomas Franco, Senior Vice President

(With inputs from The Indian Express.)