Banks to exchange old Rs 500/1,000 notes only of their respective customers today; senior citizens exempted

Zee Media Bureau

New Delhi: Even as millions across the country throng banks to exchange old notes following the demonetisation of high-end currency, banks will not exchange the decommissioned notes for non-bank customers on Saturday.

This means that banks will exchange the notes only for their own customers, i.e. people who have bank accounts with them. So, individuals will have to the banks where they have accounts to change the notes.

However, the banks will exempt senior citizens from this and exchange old notes for them regardless of whether they have accounts with the banks or not.

Banks will not exchange decommissioned notes for non-bank customers tomorrow (Saturday) and senior citizens are exempted informed Indian Bank Association today. 

Meanwhile, banks across the country will remain close on Sunday after they remained opened last weekend despite being holiday then.

The lending institutions will make use of Saturday to clear off the pending work.

Speaking to ANI here, IBA Chairman Rajeev Rishi stated that ever since demonetisation was announced, all banks have been working for extended hours including holidays to ensure the public at large was not inconvenienced.

"In fact, we have diverted all human resource to make sure that all those who stood in queues got their money exchanged, deposited and withdrawn. In the process what we have felt is that in the last one week our own customers have actually suffered. Routine works are not done and routine works are pending in banking activities," he said.

However, senior citizens are exempted from the directive and banks will be accepting all their requests.

"We have taken a view that on Saturday, the banks shall not be doing exchange over the counter of 2000 rupees. We will make an exception for senior citizens. But tomorrow we will spend trying to update our works and do the works in relation to our own customers," Rishi added.

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 finger we have seen a visible reduction in the rush at branches. The queues have shortened," Rishi said.

Prime Minister Narendra Modi had on November 8 surprised citizens by announcing demonetisation of 500 and 1000 rupee notes and since then large number of seemingly unending queues before banks and post offices are seen in order to exchange these currencies.

With Agency Inputs