Demonetisation: No exchange of notes for customers of other banks on Saturday

The IBA decision is only for Saturday and from Monday onwards all customers will be allowed to exchange notes at a branch of any bank.

PTI November 18, 2016 22:01:42 IST
Demonetisation: No exchange of notes for customers of other banks on Saturday

Mumbai: Indian Banks' Association on Friday said all banks will serve only their respective customers on Saturday and will not exchange the old Rs 500 and Rs 1,000 notes from customers of other banks.

Demonetisation No exchange of notes for customers of other banks on Saturday

Serving its customers. Reuters

"All these days our own customers have suffered because we have not been able to do their work. So, we have seen a lot of pending work at branches especially for our existing customers. We, from IBA, have taken a view that tomorrow, that is, on Saturday we shall be exclusively doing work for our own customers. And tomorrow we will not be doing exchange of notes (for outside customers)," IBA chairman Rajeev Rishi told reporters in Mumbai.

He, however, said senior citizens are exempted and they can go to any bank branch to exchange notes on Saturday.

The IBA decision is only for Saturday and from Monday onwards all customers will be allowed to exchange notes at a branch of any bank.

Rishi said after the banks started using indelible ink to mark fingers of customers who have exchanged notes, the queues decreased.

"For the last one week, we have been seeing huge rush but for the last two-three days after we introduced the inking of a finger we have seen a visible reduction in the rush at branches. The queues have shortened," Rishi said.

The government announced the scrapping of Rs 500 and Rs 1,000 notes on 8 November. Banks were opened for transactions from 10 November but were closed on November 14 on account of Gurunanak Jayanti in major parts of the country.

Updated Date:

also read

Western Union restarts money transfers to Afghanistan to ease financial burden on US-based Afghans' families
World

Western Union restarts money transfers to Afghanistan to ease financial burden on US-based Afghans' families

Remittances from Afghans living abroad are crucial for the impoverished country's economy and amounted to almost $789 billion last year, according to the World Bank.

Twenty years after 9/11, Al-Qaeda is defeated but jihadism is here to stay
World

Twenty years after 9/11, Al-Qaeda is defeated but jihadism is here to stay

The highly publicised creation of al-Qaida “franchises” in Iraq and elsewhere including Egypt, North Africa and Yemen, among others, seemed to indicate the revival of al-Qaida.

9/11 and After: Long wars and shadows even longer
Photos

9/11 and After: Long wars and shadows even longer

Following the 2001 attacks on US soil, world affairs reordered abruptly; it fuelled a 20-year abroad and sparked anti-immigrant sentiment, primarily directed at Muslim countries