CHENNAI: Facing a daunting task of procuring indelible ink to be used for demonetised currency exchange, the banks in Tamil Nadu have turned to the sole user of the commodity till now - the State Election Commission. It has come as serendipitous for the bankers that the local body polls, during which the ink is to be used in large quantity, has been stayed by the High Court.
The exchange programme slowed down on Thursday at all banks and post offices in the State due to shortage of ink, which led to thinning of crowd before bank branches that had substantial number of people queuing up right from morning since November 8 night.
An official from Indian Bank said the ink would be used in metros first, adding that they have started using it in their branches in Chennai including Mylapore and Tiruvotiyur. However, not all banks have the ink, which the Indian Banks Association was to organise, forcing many of them to stop exchanging demonetised currencies during the day.
With many banks not able to procure indelible ink, talks are going on with the State Election Commission, sources in the banking sector told Express.
Various bank officials met the State Election Commissioner and plans are on to get the available stock of ink which is supposed to be used for local body elections postponed due to the intervention of Madras High Court.
After the exchange process slowed down, banks began to serve only their customers. “We have stopped catering for customers of other banks,” said an HDFC Bank employee.
Public sector banks like State Bank of India are still exchanging the demonetised notes even for non-customers but the process is taking time.
Meanwhile, Chief Post Master General Tamil Nadu circle Charles Lobo said they issued inedible ink to postal branches in Coimbatore. “We will be issuing it to other postal offices by Friday,” he said, but refused to give details of how they are arranging the ink.
Meanwhile, this shortage of ink has come as a blessing in disguise for the banks, who are facing serious shortage of cash. A bank official told Express on condition of anonymity that none of them had necessary cash with them. “It is slowly getting exhausted and there is an urgent need to pump in lower currencies,” the official said.
Outside the banks, however, anger is growing among the public who are now struggling to withdraw their salary as restrictions persist. “We got our salary on November 10 but was unable to withdraw it. Now I have to spend as per government norms. Where is my economic freedom,” reasons Sandeep, a Chennaiite who is quite angry over the Rs 2,000 withdrawal limit in ATMs and Rs 24,000 withdrawal limit within a week from the bank.