Banks be allowed to hire ex-staff for speedy currency swap: Assocham

New Delhi: Government should allow banks to hire retired bank employees on a massive scale for a speedy currency swap and cash withdrawal in the wake of junking of big denomination currency notes, industry body Assocham said.

Impressing upon the government to mobilise all resources across different departments, it said a massive hiring to ex-bank staff will expedite cash management with minimum inconvenience to public.

"Just like general elections when staff across different departments is mobilised; different types of staff can be used for helping the over-stretched banks, grappling with the huge task of dealing with the demonetized currency notes of Rs 500 and Rs 1,000 and dispensing the new notes," it said in an appeal to Prime Minister Narendra Modi.

It has also advised employing the retired staff on a short-term contracts of three to six months.

Country's largest lender SBI and some other banks have already roped in their previous employees to help them out to manage cash handling with the public.

"While preference can be given by banks to re-employ their own retired personnel, even cross - bank staff would be helpful. After all, functioning of the public sector banks is generally the same," Assocham Secretary General D S Rawat said.

It has also suggested diverting staff from other financial services and PSUs in insurance business for taking up banking operations for the time being.

The options of outsourcing the house-keeping services to the private sector for the orderly conduct of business at the bank branches should be explored.

Such services can include helping the senior citizens; guiding those not familiar with the banking, and the general security upkeep.

The local traders' associations and market bodies like Azadpur Mandi, should also be involved in the exercise, Assocham said further.