Kerala: Mad rush to banks to exchange notes

THRISSUR: If Thursday were the turn of newly-introduced Rs 2,000 notes, Friday would see fresh Rs 100 and Rs 50 notes hitting the ‘currency-tight’ market through ATMs and bank branches. Sources said most of the ATMs would start dispensing Rs 100 and Rs 50 banknotes while Rs 2,000 notes need both software and physical features of the machine upgraded. With the notes of lower denominations reaching the customers on Friday, the issues related to scrapping Rs 500 and Rs 1,000 notes is expected to ease. They said the banks were yet to get the new Rs 500 notes.

In Thrissur, all the bank branches opened separate counters for exchanging withdrawn currencies for the new Rs 2,000 notes. Major banks in Thrissur city received Rs 25 lakh in the new currency, and small branches in rural areas got '5 to Rs 10 lakh from the main office for the exchange. Though there was a delay in getting money, the head post office and branches exchanged banknotes and received deposits in the savings bank accounts. Sub-post offices under branch post offices that function only until 2 pm did not get any money for exchange. Due to network issues, the customers faced difficulty in the exchange of notes and for depositing in busy post offices at Kerala Agriculture University and Peechi.

In Kozhikode, there was a huge rush at almost all the banks in the city even before they opened for transactions on Thursday. Customers were seen in serpentine queues in main branches like SBI in Mananchira and SBT on Kannur road. The police also had a tough time dealing with the unexpected crowd. However, there were no untoward incidents. At the head post office that caters to 80 post offices in the district, the cash reached only in the afternoon and this created chaos among those who were waiting from the morning. In the absence of any directions from the top level, the treasury also could not cater to the needs of the public.