Banks reassure customers about the smooth changeover from old currency to new currency

By Eugene DSouza
Bellevision Media Network

Udupi/M’Belle, 10 Nov 2016: Following the announcement by Prime Minister Narendra Modi on the night of November 8, 2016 regarding the demonetization of the currency notes of Rs. 500 and Rs.1000, there was confusion and apprehension in the minds of the common people regarding how they would face the changeover. The government had given one day break to the banks so that they could gear up to tide over the massive task of receiving the old currency notes as deposits and also for exchange. While the announcement came as a shock to the black money hoarders, the common citizens began to worry about the ways and means of getting rid of their old currency notes and getting either lower denomination currencies or new currency notes of Rs. 500 and Rs. 2000 as promised by the government.

 

In large cities and towns people started queuing up in front of their banks right from early morning on Thursday, November 10, 2016 to deposit their old currencies, withdraw alternate currencies or exchange the old currencies to the new ones. When this reporter visited the branches of Karnataka, Canara and Syndicate Banks in Moodubelle at around 9.45 am the customers were seen thronging to the banks but there were no lengthy lines. Neither the customers were displaying any panic nor were the managers and their staff manifesting any kind of irritation at the sight of long queues to which they were not accustomed.

 

 

The Manager of the Karnataka Bank Suneeth Kumar said that there is no need for the customers to have any fear of the validity of their old currencies or haste to convert  them into new currencies as the government has given enough time to bring about the smooth transfer from old to new currencies. While the Karnataka Bank was receiving deposits of old currency notes, the withdrawal was limited to Rs.500 per customer as the bank was short of lower denomination currency. The new currency notes of Rs. 500 and Rs.1000 have not yet arrived. It may take a day or two to get the new currency notes.

 

Canara Bank and Syndicate Banks witnessed steady influx of customers and the lines in front of the cash counter began to grow with the passage of time. Both Canara and Syndicate Banks, besides accepting the deposits were geared up to the withdrawal of Rs.10,000 per customer as well as the exchange of  lower currency amounting to Rs.4000. The customers are required to fill up an annexure provided by the Reserve Bank of India. Along with the filled in form, the customers are required to attach a Xerox copy of any of the identity proof such as PAN Card, Aadhar Card, etc.  

 

Prabhakar G., Manager of the Canara Bank said that all efforts are being made to solve the currency problems of the customers. They need not worry about the security of their old currencies. Mario Mathias, Manager of Syndicate Bank said that a suggestion has been made to the authorities to provide the annexure for currency notes in Kannada language.

 

The bank staff in all the three branches that this reporter visited was found to be cooperative and helpful to the customers. There was no grumbling or restlessness among the customers. They stood patiently in the queue and waited for their turn either to deposit, exchange or withdraw their cash.