The ban on notes has led to a huge rush at the banks in India. Due to the fear in footfalls, to deposit or withdraw cash, banks have announced that it will remain open on Saturday and Sunday as well. The staff will be working overtime till 2100 hours for the next three days to clear the rush. The banks have also announced a few measures including the extension of banking hours and have also doing away with the ATM charges and expanding credit limits.
This will help to handle the huge rush to tender the Rs. 500 and Rs. 1000 notes which have now become invalid. Moreover, the bankers have been advised not to take additional leaves for the next one month. During this time the government has asked the holders of more than 22 billion currency notes which are no longer legal tender to deposit them in to their respective bank accounts. Shaktikanta Das, the Economic Affairs Secretary Tweeted that the banks will remain open on Saturday and Sunday for the convenience of the public.
The Reserve Bank has instructed that all the banks have been instructed to be open for business during the coming weekend including Sunday. The RBI has also said that ATMs will remain closed tomorrow also. Nationalised bank State Bank of India was the first to announce an extension during banking hours till 1800 hrs on November 11, 2016. It added that every branch will be having dedicated exchange counters to change the currency notes. Banks have also announced a few relaxations on the electronic payments or withdrawals front.
Private sector bank Axis Bank has also waived the cash handling charges and has done away with its five free transactions a month limit on its own ATMs. The bank has also extended working hours.
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