RUPEE DENOMINATION RECORDING PROBLEM

Almost all the Indian Public sector banks have implemented core banking system. But that doesn’t mean that they do all their work on computers. They still make use of the old methods of record keeping ex- Credit voucher, Debit voucher, Patti/Scroll provided for clearing of Outward Clearing cheques, Cash register etc. The provision should have now been made to obtain the Credit and Debit vouchers automatically as soon as the entry is passed in the core banking software. But nobody is even thinking about working on this change, forget about success and failure in the experiment. 

In State Bank of India they make use of the core banking software named Bankslink. The Teller (Cash counter operator) can therefore can make note of the exact denomination of the currency provided by the customer. The cash is deposited in the customer's account the moment he leaves the counter. Only if the cash is huge or beyond the passing power of the cashier, the authentication from an officer is required. The Teller can therefore tally his cash quickly at the end of the day and leave for home.

However in other Indian Public sector banks like Bank of Baroda, you will still find an old man awaiting his retirement, sitting at the counter, accepting your cash along with your voucher. He makes a note of the denomination of the currency notes provided by you, on his cash register in his own handwriting. Since he is computer illiterate, no computer installed in his cabin (anyways its useless to install it there.) He keeps the cash with him and forwards the voucher to the newly appointed clerk sitting next to him, who is computer literate. He makes an entry in the core banking system, using the computer. Later, he forwards the voucher to the officer sitting next to him, who has the powers necessary to pass the voucher. Only when the officer verifies the voucher and the amount is deposited in the depositor’s account. It doesn’t matter whether you want to deposit Rs 1/- or a huge amount, the procedure is the same. The customer who deposited the amount in morning generally gets the credit before the branch closes for the day.

This Bank desperately needs a software update to help its employees make note of the exact denomination of the cash provided by the depositor. In the absence of this update three people are involved to make a single transaction happen. A total waste of employees' labor and precious time of the Bank's customers.

When a request was put forward to this bank by its employees to obtain the software update, The bank said it did not have sufficient money to provide this update. I expect the customers to switch their accounts to a different bank who value the preciousness of their time.