Bankers' union wants RBI governor out

Senior Vice President of the confederation, Thomas Franco, held RBI Governor Urjit Patel responsible for causing 'havoc' to the economy with unprepared decision to demonetise currency

The All India Bank officers' Confederation has demanded RBI governor Urjit Patel's resignation over repercussions of unprepared implementation of demonetisation.

Senior Vice President of the confederation, Thomas Franco, held RBI Governor Urjit Patel responsible for causing 'havoc' to the economy with unprepared decision to demonetise currency, as reported by The Indian Express. The confederation represents over 2.5 lakh senior bank officers across the country from all nationalised, private sector, cooerative and regional banks.

"The RBI governor should take moral responsibility for the crisis and death of many including 11 bank officers so far. 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", he said.

The senior banker also questioned the government and RBI's move to introduce Rs 2000 first instead of Rs 500. "It was the RBI governor who signed on Rs 2,000 notes. Why did his team not realise that the new Rs 2,000 notes are smaller than the old Rs 1,000, forcing the bank system to recalibrate two lakh ATMs?" he said.

Highlighting the misery of both customers and bank employees alike over demonetisation, Franco slammed the RBI for failing to advise the government against the move and for acting in haste.

OneIndia News