Enough currency available with banks for exchange of old notes: RBI

ATMs of Bank of India were not functional.

Due to huge demand, many branches had to seek replenishment of cash from the chest during the day and in some parts where reinforcement could not be reached, the bank had to turn away customers.

People standing in serpentine queues outside bank branches and ATM kiosks got rowdy at some places while at others they openly aired their disappointment. But he only met with frustration. “Since I do not have enough money, I walk to college and rely on my friends for food most of the time”.

“Things have gone from bad to worse as I am completely run out of money and it is becoming hard to meet my daily needs”, Kumar added. I have called my office to say I would be late as I am at an ATM.

Despite the bank officials stating that ATM facility will be available from Friday, most of the machines remained closed. Even post offices had the exchange facility but the steps taken did not help people rushing inside the banks on the day one itself. Long queues were also seen in petrol pumps like yesterday. People are facing a lot of problems to exchange their money as the old 500 and 1000 are not being taken outside anywhere.

Government guidelines say it is possible to exchange up to 4,000 rupees per day up to 24 November – anything over this will be subject to tax laws. My token number was 71. I had run out of cash totally. “Today I am here in an another bank”, he said.

Any extra money they need to convert has to be deposited.

Analysts said that the reason behind the bank stocks’plummeting was Indian Prime Minister Narendra Modi’s shock decision.

“Demonetisation is a good step and shall prove beneficial for the economy of the country and its people”. “Black money can not be curbed only by changing the currency”. This is because of the fact that new notes are thinner and smaller.

The PM also lauded citizens’ patience in dealing with the effects of demonetization of Rs.500 and Rs. 1000 notes. “Some political leaders in the opposition are alleging that the country has faced an economic emergency like situation because of the new currency”. After one of the ATMs failed, people were seen to flock at nearby ATMs.