Bhopal: SBI rolls out new Rs 500 notes

"Till now, we were only giving Rs 100 notes. It was also taking up a lot of time. The people were really excited to receive the new 500 rupee note. It is a historic moment for all of us,” an employee with the SBI told ANI.

By: ANI | Bhopal | Updated: November 13, 2016 8:58 pm
banknotes, indian 500-ruppee note, 500, 500 notes, new 500 notes, 500 rs, rs 500, demonetisation, rs 500 demonetisation, rs 500 notes, rs 500 news notes, bank 500 rs, sbi 500 rs, 500 bucks, banking news, india news, indian express, indian express news In a press release, the government reassured there is enough cash with the RBI and supply of cash to bank branches and ATMs are being stepped up gradually. (Source: ANI photo)

In a first, a State Bank of India (SBI) branch in Bhopal on Sunday rolled out the first set of the newly issued Rs 500 notes. “With this the people will have some respite. The work will be faster now. Till now, we were only giving Rs 100 notes. It was also taking up a lot of time. The people were really excited to receive the new 500 rupee note. It is a historic moment for all of us,” an employee with the SBI told ANI.

WATCH:

The people have been facing inconvenience as they stand in long queues outside the banks and ATMs to exchange the old currency or withdraw cash after Prime Minister Narendra Modi demonetised Rs 500 and Rs 1000 notes in a bid to curb black money.

Meanwhile, the Reserve Bank of India (RBI) has said there is enough cash available in small denominations at banks, adding that the people must not be anxious and need not come over to banks repeatedly to draw and hoard cash.

“The Reserve Bank of India assures members of the public that enough cash in small denominations are also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard. Cash is available when they need it,” the RBI said in a statement.

The RBI’s announcement comes as anger intensified on Sunday with banks struggling to dispense money following the government’s decision to withdraw large denomination notes in an attempt to curb black money.

Earlier on November 8, Prime Minister Narendra Modi took a major step and announced demonetisation of Rs. 500 and 1,000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption.

In his televised address to the nation, the Prime Minister said people holding notes of Rs. 500 and Rs. 1,000 can deposit the same in their bank and post office accounts from November 10 till December 30.

With the people facing trouble after the Centre’s move, the government later decided to extend the existing exemptions on paying public utility bills till November 14. In a press release, the government reassured there is enough cash with the RBI and supply of cash to bank branches and ATMs are being stepped up gradually.

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  1. A
    Abhi
    Nov 14, 2016 at 2:40 pm
    good keep up
    Reply
    1. S
      Seshu
      Nov 13, 2016 at 6:18 pm
      Now MODI turned into a Pig.
      Reply
      1. D
        DREAMCHASER
        Nov 15, 2016 at 11:30 am
        Rush in more new 500 notes. Fill the ATMs with it. The problem will get solved.
        Reply
        1. R
          Ram
          Nov 13, 2016 at 9:01 pm
          It is so satisfying all corrupt criminals suffering because of black money. Now about porkis like you who cause problem in India by taking ISI money, like Kejirwal/Mamata are so upset, showing the effect of surgical strikes. It is double whamy for porkis and their agents now after first strike at Uri. Modi proved to be cleanest and greatest leader of India, all poor and common man are with him and corrupt criminals are hating him. We common people in-spite of some inconvenience (like standing in ques like movies and ration.) are loving it.
          Reply
          1. S
            Sudip
            Nov 14, 2016 at 7:38 am
            Demonetisation is a bold move that will suck out the black money currently held in cash. However, black money invested in properties, gold, silver, shares or sent abroad, which is over 80% of the total black economy, will not be affected by this drive. Nor will it stop the creation of black money in future, unless the govt. puts curbs on their sources.
            Reply
            1. T
              Tushar
              Nov 17, 2016 at 7:59 pm
              Now push it more and more and limit the circulation ₹2000 notes. It will be convenient for people to get change and market can run as usual.
              Reply
              1. Y
                yuvaraj
                Nov 13, 2016 at 3:13 pm
                demonetisation is a good move. But due not properly distributed it made people demonized personnel life for daily or weekly wage labour. Also for ries cl people. I think RBI officials don't know ground realities
                Reply
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