Banks go into frenzy as people flood to exchange demonetised currencies 

November 10, 2016, 2:24 pm
Banks go into frenzy as people flood to exchange demonetised currencies 
BUSINESS
BUSINESS
Banks go into frenzy as people flood to exchange demonetised currencies 

Banks go into frenzy as people flood to exchange demonetised currencies 

Banks across the country on Thursday witnessed a mood of frenzy as thousands flooded for exchanging scrapped high denomination currencies. Banks witnessed highest-ever footfall as long queues were formed even hours before the branches opened.

The Centre has demonitised the two high denomination currencies on Tuesday, in a bid to check black money, fake currency and terror financing.

There are about 149 scheduled commercial banks, including 56 regional rural banks, with a branch network of about 1.30 lakh across the country. Besides, the co-operative banks have also been asked to take deposit and exchange the old notes with new ones.

Special arrangements were made to issue pay-in slips, withdrawal slips, note exchanging request slips and to verify documents outside banks.

However, the demand was so high that at many branches, the bank branches could only issue tokens in exchange for currency notes surrendered by customers, with the promise that new notes would be given to them by afternoon.

I had come to bank at 10 and since then I am running from one counter to another for fulfilling the formalities. The staff is cooperating but it is taking too much time
A customer


Besides nationalised and private banks, several states asked its central district cooperative banks and district cooperative banks to accept the old demonetised notes.

Meanwhile, Finance Minister Arun Jaitley said the government is trying to ensure requisite replacement currency is available with people at the earliest and no need for people to rush.

The government also said that Rs.1,000 currency notes will be re-introduced in a few months with enhanced security features and different colour.

Huge number of security personnel were deployed across the country to tackle the situation. Over 3400 paramilitary and police personnel were deployed in Delhi. Quick reaction teams were formed in other parts of the county tooo to deal with the situation.

In front of RBI New Delhi
In front of RBI New Delhi
Chennai
Chennai
Hyderabad
Hyderabad
Thiruvanathapuram
Thiruvanathapuram
Ahmedabad
Ahmedabad