Chaos reigns in Bengaluru as banks run out of cash
Nov 13 2016 by Johnny Bowman
The SBI said that it was going to make most of its 7,000-odd cash deposit machines operational at midnight so that those with bank accounts could deposit Rs 50,000 and reduce the pressure on branches.
Lines formed before banks reopened after being shut on Wednesday to prepare for the change, as people tried to swap the worthless cash for smaller bills or new 2,000 rupee notes being rushed into circulation and made to be harder to counterfeit.
Even before banks opened for business, hundreds of customers were assembled in serpentine queues in front of them to exchange or deposit the invalid notes.
ATMs across the country will start dispensing new Rs 500 and Rs 2000 currency notes from today onwards.
RBI chief Urjit Patel has said production of the new notes had been "ramped up" to meet requirements but Pradip Shah, who helped set up India's HDFC bank, said it would be a "nightmare" getting money to some rural areas. The bank has waived charges on withdrawals from ATMs of other banks from November 11 to November 20, 2016. "Let the exchange process begin and we will see if more is required", India's Finance Minister Arun Jaitley said on Thursday.
People, he said, do understand the objective behind the move. Rs 100 notes have vanished entirely.
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Das said new Rs 1,000 denomination notes having new design and security features will also be issued soon.
The situation was worse in the post offices across the city due to limited counters and cash crunch as notes of all denominations, ran out of stock and the RBI failed to replenish them. No new Rs 1,000 notes are being issued immediately.
Nearly 90% of transactions in India are done with cash while 500 and 1,000 notes now account for more than 85% of the value of cash in circulation, according to research firm Capital Economics.
"We are hoping for some respite from Friday when ATMs reopen and most of the customers using debit cards would be able to draw cash up to Rs 2,000 each per day per card till November 18 and Rs.4,000 each daily from November 19 per card", said Kumar.
The old Rs 500 and 1,000 notes will also be accepted for payment of fees, charges, taxes, and penalty to central and state governments, including municipalities and local bodies, Das tweeted. In exchange for banned currency notes, we are disbursing a mix of Rs 2,000 and Rs 100 notes. If you go to petrol pump, you have to buy petrol worth Rs 500 or Rs 1,000.