New Delhi, Nov 10: People in large number on Thursday thronged banks as it reopens for the first time after the government scrapped Rs 500 and Rs 1000 currency notes. Long queues are being seen outside banks in several parts of the country where public arrived to exchange or deposit old Rs 500 and Rs 1000 currency notes. Since ATMs will remain shut today, people have also come to withdraw cash from banks as notes of Rs 500 and Rs 1000 in their pocket are of no use now. Expecting large number of people coming to exchange and deposit old high denomination notes, banks have extended working hours. We will be updating live on the development regarding bank operations.
Banks across the country will start dispensing new Rs 500 and Rs 2,000 currency notes from today. However ATM machines will start dispensing new Rs 500 and Rs 2000 notes from Friday onwards. The new currency in Rs 500 and Rs 2,000 denomination comes in force following the government’s move on Tuesday to demonetize the Rs 500 and Rs 1,000 notes.
People started arriving at banks as they have been finding it hard to get hold of Rs 100 and small denomination notes for daily purchases after Prime Minister Narendra Modi announced that old Rs 500 and Rs 100 will no longer be legal. Public can deposit the Rs 500, Rs 1000 notes at bank branches and the amount will be credited to their bank accounts. People can also exchange their old denominations of aggregate value of Rs.4,000. (ALSO READ: How to exchange & deposit Rs 500 and Rs 1000 notes)
In Delhi, banks opened at 8 AM to ensure no inconvenience is caused to customers. In a bid to avoid any untoward incident, Delhi Police has made elaborate arrangements to ensure law and order at all banks to facilitate the demonetization policy.