Long queues to exchange scrapped Rs 500, Rs 1000 notes as banks reopen

New Delhi: The Reserve Bank of India (RBI) launched new Rs 500 and Rs 2,000 currency notes from Thursday.

Following the reopening of banks on Thursday, huge crowds gathered to withdraw money. Delhi, Lucknow and parts of West Bengal saw long queues of people waiting to exchange scrapped notes of Rs 500 and 1000.

People queued up outside the RBI building in Delhi, as well as Punjab National Bank in Sansad Marg, State Bank of India in Chandni Chowk and in Khan Market, to exchange notes as well as withdraw money.

Fearing a jump in footfalls to deposit or withdraw cash following the demonetisation of 500 rupees and 1,000 rupees banknotes, banks will remain open this Saturday and Sunday and its staff will do overtime till 9 p.m. for the next three days to clear the rush.

In a tweet, Economic Affairs Secretary Shaktikanta Das said for public convenience, banks will remain open on coming Saturday and Sunday. Banks also announced a slew of measures, including extension of banking hours, doing away with ATM charges and expanding credit limits to handle the expected huge rush to tender now defunct 500 rupee and 1000 rupee notes.

Hailing the decision taken by the government, SBI chairman Arundhati Bhattacharya said the bank is providing full support to customers at every branch.

"There is no need to panic. Government is trying to make available all resources as per demands," MoS Finance Arjun Meghwal said.

The Reserve Bank also came out with an order instructing all the banks to be open for business on the coming weekend, including Sunday.

RBI also said ATMs will remain shut on Thursday as well. The nation's largest lender State Bank of India (SBI) has announced an extension in banking hours, till 6 p.m. on Thursday.

Each of its branches will be having a dedicated 'exchange counter' to change the currency notes. 

Meanwhile, the Supreme Court will now the hear the PIL challenging the scrapping of Rs 500/1000 currency notes by Govt on Tuesday.

The decision came after the Centre filed a caveat in the top court asking it not to pass any interim order without hearing its argument on demonetisation.