Business

Enough currency available with banks for exchange of old notes: RBI

For a second day in succession, serpentine queues of common people formed outside banks and ATMs here to exchange old 500 and 1,000 rupee notes and to withdraw money. Though the bank officials stated that the machines are being recalibrated, it could take some more days for the ATMs to tender Rs 500 and 2,000 notes.

Within hours after the ATMs opened for collecting crispy notes two days after they were shut down on Wednesday, the security guards had downed the shutters as cash dried up, though each customer was entitled to draw up to Rs 2,000 only per card per day till November 18.

Many ATMs ran out of cash in couple of hours as there were heavy rush to withdraw money but a large number of ATMs, especially on Boring road or Boring canal road of the capital, were not working till 11 am since morning. Long lines have grown longer, scuffles have broken out and chaotic scenes are being seen across India as millions of people wait to change old currency notes that have become worthless after the government demonetized high-value bills. With regard to the new Rs 2,000 note, the official says this was printed only in India.

Quoting companies that deploy and manage ATMs, Mint reported that accessing cash has two dimensions: the quantum of money and logistic issues. "We have already been waiting for over two hours just to exchange our currency notes", a customer outside a bank in Modinagar in the northern state of Uttar Pradesh told an Indian news channel.

Only a handful of India's 1.25 billion population knew that on Tuesday night Prime Minister Narendra Modi would announce the withdrawal of 500- and 1,000-rupee notes from circulation.

Only State Bank ATMs will allow you to take out 4000 rupees per day.

As the currency notes - Rs 100 - are in short supply, ATMs could run out of cash soon. Long queues were also seen in petrol pumps like yesterday. Not only was there huge shortage of cash but owing to a lot of transactions, systems in most of the banks crashed causing further delay and trouble for the customers.

"So happy to learn that citizens are expressing their gratitude to bankers and getting notes exchanged in a very patient and orderly manner", Modi said in a tweet. Those who have not exchanged the outdated currency are making plan to get the demonetised currency exchanged when the crowd subsides in banks.

Raju Singh a shopkeeper near a branch of ICICI bank said, "I opened my shop at 7.30 am and saw a long queue outside the bank".



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