Demonetisation: Finance ministry asks banks to hire retired staff to deal with cash rush

The finance ministry today asked banks to consider engaging retired employees to deal with the unprecedented rush for the exchange of invalid currency notes and ease pressure on existing staff.

In a letter written to Indian Banks' Association (IBA), the financial services department of the finance ministry said it should look into issues, particularly employment of retired bank staff and payment of remuneration and instruct the banks suitably at the earliest.

"In the event of extra business hours implemented to cope up with the situation, banks may require making deployment plan of staff on shift basis so that the same person does not work for continuous long hours," it said.

Praising commendable work done by the banking fraternity, it said banks may plan and support the officers and employees working in late hours, particularly the safety and security of women employees, with arrangements for food and conveyance.

Additional infrastructure like more terminals, separate arrangement for cash, exchange and dispensation may be implemented and services of retired persons may also be taken so that the pressure of existing staff may ease and a larger customer base is satisfied, it said.

Many employee unions have made representation to the finance ministry and IBA presented the multiple problems being faced by employees and officers on account of implementation of the demonetization scheme.