People made a beeline for banks to get new currency notes in exchange of Rs. 500 and Rs. 1,000 currency notes that were withdrawn from circulation in Vijayawada on Thursday.
A few banks in places like One Town and suburbs witnessed unexpected queue lines even before they were opened. But, at banks such as the State Bank of Hyderabad (SBH), the customers began pouring in only after banks were opened.
The average waiting time in queue lines varied from 20 minutes to one hour depending upon the rush and the type of transaction.
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To deposit money in savings or current account , the customers did not spend more than 20 minutes.
But, those waiting to exchange their Rs. 500 and Rs.1,000 notes had to spend a little time more as the banks insisted on production of KYC (know your customer) documents. The customers were asked to bring original and photocopies of Aadhar cards/driving licence/PAN card etc to exchange the notes.
Customers wishing to exchange their Rs 500, Rs 1,000 notes have to submit a form and prove their identity. There is no limit on the amount one can deposit, said C. Vijay Subrahmanyam, Chief Manager at State Bank of Hyderabad.
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The rush was little more than usual.
“It was a matter of just 20 minutes to deposit the money in the bank. Usually it takes 10 to 15 minutes on normal days,” said Abdul Gafoor, a tea stall owner near Benz Circle, who deposited his previous day’s collections in a private bank.
Dedicated exchange counter
The bank opened a dedicated exchange counter to change the currency notes.
The banks kept the application forms ready to exchange the demonetised notes. The customers, who were unaware of the mandatory rule to bring photocopies of KYC documents, were guided to nearby photocopy centres.
Some people had to wait for a long time in the queue lines. “It took me nearly an hour to withdraw Rs. 10,000 from my account,” said Kumar, an account holder in HDFC bank. It was common to see the unloading of new currency notes boxes with police escort from private goods vehicles near the banks.
The police made arrangments for smooth functioning of the transactions.