Chaotic scene at banks

Arrangements for exchange of currency notes found inadequate

A huge crowd of clients at the Sasthamangalam branch of the State Bank of Travancore on Thursday to exchange their currency notes. Photo: S. Mahinsha

Several people in the city had a difficult time on Thursday as they made frantic efforts to get their demonetised currency notes of Rs.500 and Rs.1,000 exchanged for new ones.

There were long queues at major branches of nationalised banks, including the State Bank of Travancore (SBT) and State Bank of India (SBI), right from morning. Private sector banks too witnessed rush as news spread that they too accepted the now-defunct notes. Though banks had opened additional counters to facilitate smooth exchange of notes, such measures could not ensure significant progress and the rush kept growing as the day progressed. In view of this, banks operated for extended work hours.

Many were forced to wait for over three hours to get their currency exchanged, deposit into their accounts, or make withdrawals. The token system followed by banks fell apart in many places within a short duration as bank officials found it difficult to manage the huge crowds, especially at the SBT main branch, near Statue junction.

“The arrangements that were made are evidently inadequate. The authorities could have operated many more counters for the purpose, at least during the first few days of the period meant for exchanging notes,” Sasidharan Nair, a retired KSEB employee, said.

Among those who queued up were senior citizens, many of whom had come to exchange the notes they had received as their monthly pension. Sixty-seven-year-old Ponamma of Vettucaud, notwithstanding her frailty, had to jostle her way among many others for the purpose.

Post offices

Though it had been announced that demonetised notes would be exchanged at post offices, many of such facilities were ill-equipped to handle the situation. Many persons who headed for post offices in the hope that they would not have to approach the crowded banks had to return dejected after the new notes ran out within a few hours. Barring the Thiruvananthapuram General Post Office (GPO) complex, many other outlets of India Post witnessed the problem. Later on, all they could do was accept deposits for the savings bank accounts.

Railway station

Bringing cheer to railway commuters, the authorities at the Thiruvananthapuram Central railway station were able to ensure smooth ticketing in contrast to the chaotic situation a day ago.

Lack of sufficient currency notes had led to great difficulty with several passengers tendering the demonetised ones to get currency of lesser denominations.

According to a Railways spokesman, the problem was overcome with the Reserve Bank of India (RBI) providing an amount of Rs. 1.5 lakh. As a result, the ticketing system at the railways counter worked smoothly without any glitches.