Banks will remain open this weekend: RBI

In order to expedite the exchange of Rs 500 and Rs 1000 process, the banks will remain open this weekend i.e. On September 12 and 13, said the Reserve Bank of India.

Banks will also have additional counters, as well as the public dealing time would also get extended,  to meet the demand for notes swapping.

Top bankers said they would work round the clock to ensure that customers do not suffer and the situation is handled smoothly. Arundhati Bhattacharya, chairman of country’s largest lender State Bank of India said demonetisation of high value notes won’t be a problem as the bank has done it before.

ICICI Bank’s MD & CEO Chanda Kochhar said the move to junk the existing high value notes “is perhaps the most significant move ever taken to curtail the parallel economy,” and that this “will give a sharp boost to all formal channels of payment which in turn will help the formal economy to grow.”
According to basic calculations, with a daily limit of Rs 4,000 a day, a maximum of Rs 60,000 can be exchanged by a person, in 15 days from November 10 to November 24.
There is no limit on deposits.

 

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