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Since demonetisation announcement, the government has made umpteen number of changes in the norms of depositing and withdrawal of old notes and new currencies, respectively. The latest rule on depositing only Rs 5,000 in banks has not only irritated the customers but also the customers and it has sparked chaos across the country. 
 
The bankers have been forced to turn into inquisitors, record statements and demand explanations from customers, asking them for a ‘satisfactory’ reply for depositing old notes now. Bank officials are vexed and tired because of the increasing demands that are being dumped upon on them. 
 According to the recent circular issued by <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>, customers depositing more than Rs 5,000 have to explain to two bank officials why they waited so long to credit the old notes. The money can only be accepted after a satisfactory explanation. 
 
"Bankers have become the soft target in this entire demonetisation exercise. It is not the job of bankers to identify tax evaders... Most banks have reproduced the circular issued by RBI to branches and left it to the branch managers to interpret what 'satisfactory' means," a Mumbai bank branch manager told ET. 
 
The executive also said that banks are holding internal meetings to discuss the definition of "satisfactory". Banks also rushed to shut about 30,000 cash deposit machines (CDMs) overnight to prevent any money being sneaked into accounts through that route and they will stay shut till the end of this month. 
 
Many people who haven’t deposited old notes yet were waiting for long queues to end. But, they are now facing hardships. 
 "I was waiting for the queues to thin out and didn't deposit my Rs 37,000 in old notes. Besides, the <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> had also said there was ample time, but now the government says that I have to explain why I didn't deposit the money," <keyword id="3981936" type="UNKNOWN" weightage="20" keywordseo="varsha-gaonkar">Varsha Gaonkar</keyword>, a fashion designer in suburban Mumbai, told ET. 
 The change was effected after more than 80% of the money that ceased to be legal tender got deposited. <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> said the money should be deposited on one go as repeated visits raised suspicions. 
 
The explanation by the customer has to be recorded so that there will be an audit trail, the RBI has said. Some banks are making audio recordings besides seeking explanations in writing. 
 "I just deposited Rs 17,000 in my account and was questioned by the branch manager as to how I got the money and why I didn't come to the bank earlier -this is unnecessary harassment," <keyword id="1359405" type="UNKNOWN" weightage="20" keywordseo="Laxman-Kale">Laxman Kale</keyword>, who works as a dabbawala delivering tiffins in Mumbai, told ET. 
 
Banks have been left to deal with the latest course correction. 
 
"Queues have increased since today (Tuesday) morning and we haven't got any direction from our head office on implementation of the new circular. We just know that we have to question customers on their source of deposits," a branch manager of a private bank in south Mumbai, told ET. 
 
The move has made bankers worried. They were already over burdened with work and now they have to make judgement calls and are concerned the wrong decision may land them in trouble later. The most common response bankers have got for deposits above Rs 5,000 is that customers were out of town or unwell. 
 
"However, we cannot ask them for a medical certificate or travel tickets as proof," one, distressed at the government putting onus on staff to identify suspicious customers, told ET. 
 Others such as <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> are asking customers to fill a form answering questions such as why the money wasn't deposited earlier and querying the source of funds. 
 
"HDFC Bank is clearly crossing the line by asking customers source of fund, which is really not their jurisdiction. The RBI circular on deposits says that a bank can accept deposits on receiving a satisfactory explanation but it does not talk about the source of funds,” a customer told ET. 
 
Ray Dsouza, who works at an IT company in Pune, doesn't need to give any explanations - she just has Rs 12,000 to deposit, which is why she didn't rush to do so. Still, she said, "I wish the government would stick to its word and not change course every single week."

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Irate bankers are now recording explanations of customers depositing over Rs 5000 in banks. Here’s what they have to say

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