Bengaluru stumped: No exchange, banks ask customers to deposit in accounts

Bengaluru: On Friday thousands of city residents, who had gone to banks seeking to exchange demonetised currency notes of Rs 500 and Rs 1,000 denominations, were in for a disappointment. They were directed to deposit the cash in their respective bank accounts and collect them through ATM or cheque.

According to the RBI circular, over the counter exchange (in cash) was not permitted from Friday. Those approaching the banks for currency exchange should be encouraged to deposit cash into their bank accounts and banks should facilitate opening of new accounts for those not having any.

Customers said that after banks stopped exchanging old currency notes, many jewellery shops and traders have also followed suit. “Till Thursday medical shops, jewellery outlets were accepting old notes in the cases of emergency, as they could collect exchange. But from Friday they stopped it,” said Kumar Jain, a resident of Malleswaram.

As thousands of people were not aware of this RBI direction, many stood in queues to collect exchange in front of bank branches. Bank security and customer care cell officials had a tough time convincing them and visit their home banks.