Security Association of India, a body that deals with private security services, has written to the Reserve Bank of India requesting that it issue a notification directing Banking and Insurance Companies to deploy round-the-clock security personnel to safeguard the assets of their depositors.
According to the President of SAI, Mr. Gurcharan Singh, “Most banks have been resorting to cost-cutting measures and deploying security guards only during bank working hours or not posting any security guards at all.” This puts the assets of depositors at risk and increases the likelihood of theft, resulting in potential for losses to the depositors’ assets.
The association believes that banks should improve their security measures to protect the interests of their depositors as their customer base continues to grow. Unfortunately, they are instead resorting to cost-cutting measures by reducing their security manpower.
The Security Association of India has assured the Reserve Bank of India of its cooperation and has requested a meeting at a convenient date and time.
