The central government on Sunday launched new Rs. 500 notes as queues outside banks and ATMs continued for the fifth straight day after the high denomination currency was scrapped by Prime Minister Narendra Modi on Tuesday.
In a first, a State Bank of India branch in Bhopal on Sunday rolled out the first set of the newly issued Rs. 500 notes. The new Rs 500 notes are expected to ease the queue in banks, but these cannot be stacked in ATMs till the machines are recalibrated.
“With this the people will have some respite. The work will be faster now. Till now, we were only giving Rs. 100 notes. It was also taking up a lot of time. The people were really excited to receive the new 500 rupee note. It is a historic moment for all of us,” an employee with the SBI told ANI.
The people have been facing inconvenience as they stand in long queues outside the banks and ATMs to exchange the old currency or withdraw cash after Prime Minister Narendra Modi demonetised Rs. 500 and Rs 1000 notes in a bid to curb black money.
Meanwhile, the Reserve Bank of India (RBI) has said there is enough cash available in small denominations at banks, adding that the people must not be anxious and need not come over to banks repeatedly to draw and hoard cash.
“The Reserve Bank of India assures members of the public that enough cash in small denominations are also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard. Cash is available when they need it,” the RBI said in a statement.
