Enough currency with banks for exchange: RBI

"There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016," RBI said in a statement.

By: PTI | Mumbai | Published:November 11, 2016 4:03 pm
demonetisation, 500 demonetisation, 1000 demonetisation, RBI, currency, atms, Reserve Bank of India, rs 500 ban, rs 1000 ban, business news, india news, indian express, indian express news A bank employee counts discontinued currency notes while working at a currency exchange counter at a bank in Gauhati. (File/AP Photo/ Anupam Nath)

As millions queued up outside banks and at ATMs, which opened after two days on Friday, Reserve Bank of India (RBI) said enough is cash available for exchanging the scrapped Rs 500/1000 notes and asked people to be “patient”. “There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016,” RBI said in a statement. It said that consequent to the withdrawal of Legal Tender Character of existing Rs 500 and Rs 1000 Bank Notes, it has made arrangements to distribute the notes in new Rs 2000 and other denominations across the country.

WATCH:

The central bank conceded however that it may take a while for banks to recalibrate ATMs and once that is done, “members of public will be able to withdraw from ATMs up to a maximum of Rs 2,000 per card per day up to November 18, 2016”. After that, they will be able to withdraw up to Rs 4,000 a day per card.

Several ATMs have started functioning from Friday morning as the banks could complete recalibration of these machines to allow withdrawals up to Rs 2,000 to begin with. There were huge queues outside the banks for the second consecutive day on Friday after the government scrapped Rs 500/1000 notes to combat black money.

Amid the woes of the harried customers, a 73-year-old person, Vishwanath Vartak, reportedly died in a suburb of Mumbai while standing in one such queue. Meanwhile, SBI chairperson Arundhati Bhattacharya said her bank has collected Rs 53,000 crore (from November 10 till around 2 pm on November 11) after the demonetisation of higher value currency. SBI has also exchanged about Rs 1,500 crore worth of currency.

For all the latest Business News, download Indian Express App

  1. R
    Rajiv Gadhia
    Nov 12, 2016 at 6:22 am
    I suggest Modiji to open two accounts in all the banks in India. One for the army and second for the relief or emergency fund. Those people who want to avoid taxation issues can voluntarily deposit money in either of these accounts. Government should ure that there would be no questioning and upper ceiling on deposits made in them. uming that there is abundant black money loitering in the market and fearing taxmen questioning in forthcoming days one might and have been destroying the demonetised notes by throwing, burning or tearing them. At least the black money earned would be useful to the country from where they earned. Just a suggestion and don't know what the repercussions could be.
    Reply
    1. M
      Mukesh
      Nov 11, 2016 at 4:55 pm
      Till now (11 Nov 2016, 10:15pm night), Not a single ATM of SBI opened at Gangtok.lt;br/gt;None of the branch at SBI has New currency notes.lt;br/gt;SBI officials misguiding people by saying RBI asked them to keep ATMs closed.lt;br/gt;I think SBI forgot that they have Branches, ATMs and customers at Gangtok.lt;br/gt;So, please remind SBI that New currency notes should also be sent to Gangtok and they can open their ATMs.
      Reply
      1. L
        Lakshmi narayana
        Nov 11, 2016 at 4:45 pm
        Sir, it is better to allow pay for LIC amount,pls convey to government
        Reply
        1. A
          alam
          Nov 11, 2016 at 1:03 pm
          RBI governor should see atleast the que of common man before stating such notes.lt;br/gt;lt;br/gt;He is unaware that 80 crores Indians are pure farmers and mostly having no account...lt;br/gt;lt;br/gt;How they will survive...most of interior part of our country these people will come to know after the dead line......
          Reply
          1. A
            alam
            Nov 11, 2016 at 12:59 pm
            THIS ALL LEADS TO CREATE TROUBLE ONLY TO COMMON MAN ..........lt;br/gt;lt;br/gt;LONG ......LONG QUE BUT MISSING ARE TATA'S AMABNI'S ADANI'S...lt;br/gt;lt;br/gt;ONLY SEEN ARE COMMON MAN..........
            Reply
            1. A
              Amrita
              Nov 11, 2016 at 1:49 pm
              I bank with the private arm of ICICI. I chose to go to the bank at the ISIC premises. It was extremely poorly managed. Spent the w day at the branch and got no money. There were multiple violations of the queue by the ISIC staff and students who felt they had primary rights. One such violator was a Mr Mayank who drew a lot if flak from the alert crowd. There was a single guard on duty who obviously was hardpressed. The police was also present. The manager said that there were no guidelines to restrict transactions to one, so tht more customers could be served. Neither was the manager open to token systems. The bank needs to use better queue systems as this was the second day and they still do not seem to have learnt from yesterday. For some customers it was another lost day. Most people thought the branch would stay open till 8 pm but they stopped allowing customers at five thirty, to the chagrin of the angry crowd. The crowd waiting outside was mighty angry at the ICICI bank. Even the ATMs were not operational. I personally tried calling the following nos of officers of the Dept of EConomic Affairs, and Banking and RBI to no avail. Everybody was ping the buck when they actually took the call. The nos I called asked me to send it in writing. They were nos for Selva Kumar and Mr Magdesh Mishra and RBI. 2303881, 23340633, 23340222, 02222602944. There were people in the line purchasing on credit and felt awkward. There were people with patients at ISIC. Will RBI do the needful to ensure it is smoother tomorrow. I could not help note the logo of ICICI.....khayal aapka and were unable to do justice to the harried customer waiting since morning. saw a Kotak Mahindra Branch ATM proudly mentioning 24 hrs operation and a long line outside, One saving grace was the Manager informing us periodically. Greater transparency of operations needed as there seemed to be individuals who reached inside from nowhere.
              Reply
              1. B
                Big
                Nov 11, 2016 at 12:06 pm
                What is the use of an attempt to root our undeclared currency if it means harment and hardship to the common man with only a few currency notes of hard earned money? If only 1% of India's potion pays income tax, find ways to increase the tax base.
                Reply
                1. M
                  mathimathi
                  Nov 11, 2016 at 2:07 pm
                  RBI gone bankrupt?
                  Reply
                  1. Load More Comments