Huge rush and long queues were witnessed at the banks across the country today as people get in line to exchange or deposit their Rs 500 and Rs 1,000 notes.
With individuals hunting for smaller denomination notes, financial institutions suggest that you should be ready to wait a while to hand over your old notes and collect up to Rs 4,000, your current entitlement.
All efforts are being made by the institutions to make the process as smooth as possible.
Banks such as State Bank of India and HDFC Bank are looking at the possibility of roping in some retired bankers to help them deal with the “unprecedented rush” to deposit and exchange notes.
Anticipating a rush, RBI has asked banks to remain open for business over the weekend to draw out nearly 13 lakh crore of demonetised notes by December.
Some banks such as ICICI Bank said that their “busy” branches would remain open for 12 hours starting 8AM.
Others are preparing to stay open till around 7PM. SBI said its branches would stay open as long as required.