The Reserve Bank of India (RBI) launched new Rs 500 and Rs 2,000 currency notes from Thursday. Following after the reopening of banks on Thursday, huge crowds assembled to withdraw cash and parts of saw long lines of individuals holding up to exchange scrapped notes of Rs 500 and Rs 1000.

Long queues to exchange scrapped Rs 500 and Rs 1000 notes
Long queues to exchange scrapped Rs 500 and Rs 1000 notes

Fearing a jump in footfalls to deposit, exchange or withdraw money taking after the demonetisation of 500 rupees and 1,000 rupees banknotes, banks will stay open this Saturday and Sunday and its staff will do overtime till 9 p.m. for the following three days to clear the rush.

In a tweet, Economic Affairs Secretary Shaktikanta Das said for public convenience, banks will remain open on coming Saturday and Sunday. Banks also announced a slew of measures, including extension of banking hours, doing away with ATM charges and expanding credit limits to handle the expected huge rush to tender now defunct 500 rupee and 1000 rupee notes.

“There is no need to panic. Government is trying to make available all resources as per demands,” MoS Finance Arjun Meghwal said.

The Reserve Bank also came out with an order instructing all the banks to be open for business on the coming weekend, including Sunday. RBI also said ATMs will remain shut on Thursday as well. The nation’s largest Bank of India (SBI) has announced an extension in banking hours, till 6 p.m. on Thursday.

Each of its branches will have a devoted exchange counter to change the currency notes.

In the interim, the Supreme Court will now the hear the PIL challenging the scrapping of Rs 500/1000 money notes by Govt on Tuesday.

The decision came after the Centre filed a caveat in the top court asking it not to pass any interim order without hearing its argument on demonetisation.


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