Behind the Banker’s Counter

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India's bankers explain the challenges of managing demonetisation, it's loopholes and unintended consequences.

If I don’t answer my customers through a smile, and if I have the same grim face that he has, then there will definitely be a riot.

So says the manager at a public sector bank, after a hard day of handling long lines of frustrated customers. Vikram (name changed) has been through hell in the two weeks since the 1000 rupee and 500 rupee notes were demonetized.

He says he laughed when he watched some of the news coverage of bankers, in the initial period after demonetization. “People on news channels were expecting to get the new notes almost instantaneously after the announcement. When we found out about it at the same time they did – how can we calibrate the ATMs in time?”



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