Branches of all banks witnessed heavy rush on Wednesday. Bank employees had a difficult time handling the work, as the customers thronged in large numbers to exchange demonetised currency.
Customers, aware of the new regulations, came with heavy cash of demonetised Rs. 500 and Rs. 1,000 notes. Many were taken aback as banks declared that they could only exchange up to Rs. 4,000. They had no choice but to deposit the cash and take only Rs. 4,000 for now.
V. Neelima of Ramnagar said she received her salary before the currency was demonetised, and Rs 4,000 was not enough to meet the expenditure of the family. “I’m find it difficult to manage this time,” she said.
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Meanwhile, heavy security arrangements were made at banks in Warangal, Hanamkonda, and Kazipet to prevent any untoward incident.
Senior officer Vidyavathi of Central Bank of India, Hanamkonda, said customers could withdraw Rs. 10,000 every day and a maximum of Rs. 20,000 a week. The limit of Rs. 4,000 applies only to those who come to exchange old notes.
Things would get back to normal in a day or two, she said.
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Many who welcomed the Centre’s move to ban high value currency complained in private about the inconveniences it caused to them. At many petrol pumps, though the staff agreed to accept the old currency, they said they were unable to give any change as they were running short of Rs. 100 and Rs. 50 notes. The situation prevailed at post offices as well.
Karimnagar Special Correspondent adds: All banks in various parts of Karimnagar, Jagtial, Peddapalli and Rajanna-Sircilla districts were packed to the brim, as customers thronged to exchange demonetised high currency notes for lower denominations and deposit the invalidated currency into their accounts, on Thursday.
Even before the banks were put open, customers formed queues carrying necessary documents such as passbook, Aadhaar card, voter ID, driving licence, and passport, to exchange and deposit the high denominations. Some banks even opened special counters to exchange the currency with those provided by the Reserve Bank of India (RBI).
A majority of banks roped in the services of retired bank employees to guide customers in filling out the forms supplied by the RBI. A few banks ran out of forms.
Meanwhile, additional police forces were deployed in front of all banks to avoid any untoward incident and to regulate queues.
Bank officials said each branch in integrated Karimnagar district had made an estimated Rs. 20 lakh worth of financial transaction. Most customers had come to the bank to enquire about how to deposit money that they received through land deals and private chit funds.
There were no major deposits in any bank except Rs. 2 lakh to Rs. 3 lakh by a single customer, the officials said.
Sangareddy Staff Reporter adds: Chaos continued on the second day of the demonetisation of Rs. 500 and Rs. 1, 000 currency notes on Thursday, as people did not know where to get their problems addressedATMs remained closed too.
There were long queues at banks since morning. Every one tried to tender their high denomination notes and get smaller denominations. However, as per orders, the banks did not offer more than Rs. 4,000, making it difficult for many middle-class families. “My granddaughter is due to get married in the next few days, and I have already arranged for the required cash. But, banks are not letting me withdraw the amount I need, and the traders are asking me to make the payment. I do not know what to do now,” said a customer at a nationalised bank.
Though most have lauded the decision of Prime Minister Narendra Modi, they felt inconveniened by the same. Getting smaller denomination notes has become a herculean task.