Bengaluru: May Day on pay day? Banks brace for rush
According to the bank officials, several bank branches in Bengaluru rural district witnessed protests on Wednesday.
Bengaluru: Tense atmosphere prevailed in all the bank branches of the city on Wednesday, with fears of huge rush and widespread protests on Thursday, when they disburse salaries to thousands of government and private sector employees.
According to the bank officials, several bank branches in Bengaluru rural district witnessed protests on Wednesday. “We are expecting huge rush on Thursday and are not equipped to handle the pressure. Currency notes are not being supplied at par with the requirement,” explained a bank manager.
Meanwhile RBI's new directions over Jan Dhan accounts, restricting their withdrawal to Rs 10,000 a month, also created confusion among the general public. “Every one is clueless,” said a private sector bank employee.
EMI defaults
Hundreds of home and vehicle loan customers who have not activated ECS system may find it difficult to pay EMI due to the cash crunch. “Banks want us to opt for ECS. But I am not a salaried employee. So I did not opt for ECS. Due to cash crunch I could not able to pay EMI,” said Rajesh Kulkarni, a mobile shop owner.