Ban placed over Rs 500, Rs 1000 currency notes: Banking institutions to slog hard to exchange notes

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The demonetizing of the subsisting INR 500 and INR 1,000 currency will be a hard job for the banking institutions to address in the short run as public will be lining up to change their currency notes.

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But, major bankers are not troubled by the verdict. They stated that they would work nonstop to make sure that clients do not experience any problem and the whole situation is addressed effortlessly.

Arundhati Bhattacharya, chairman of nation’s major lender State Bank of India stated that demonetisation of high worth currency notes would not be a trouble as the banking institution has managed it in the past.

“We have just currently been informed about the administration decision as well as demonetisation rules to demonetise existing series of INR 1,000 and INR 500. We have addressed demonetisation previously and will go through the same process again,” Arundhati added.

“Administration has given sufficient exclusions to make sure that vital demands get satisfied. We will work continuously to guarantee that clients will not face any problem due to recent rs 500 notes ban, and rs 1000 notes ban,” Bhattacharya also said.

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While talking at a press meeting after the PM Modi’s televised lecture to the country, RBI governor Urjit Patel guaranteed that there has been no breach in security of the existing notes, however, the counterfeit currencies in flow look alike and could be hard to recognize by inexpert people.

Narendra Modi’s administration has placed December 30 as the time limit to deposit or change all the previous currency notes. Modi’s decision to put control over black money has witnessed mixed response from all sides.

Demonetisation effects are seen all over as people are busy in bank queues and their occupations suffer. People crosswise the nation have been confronting troubles owing to the scarcity of cash.

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