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Demonetisation: Banks to exchange old notes only for their own customers and senior citizens today

News Agencies | Updated on: 19 November 2016, 8:47 IST

Banks have been directed to serve only their respective customers on 19 November as the old Rs 500 and Rs 1,000 notes will not be exchanged for customers of other banks for one day. Senior citizens have been exempted from this directive.

"All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches especially for our existing customers. We, from IBA, have taken a view that tomorrow, that is, on Saturday we shall be exclusively doing work for our own customers. And tomorrow we will not be doing exchange of notes (for outside customers)," Indian Banks' Association's chairman Rajeev Rishi told reporters in Delhi on 18 November.

He, however, said senior citizens are exempted and they can go to any bank branch to exchange notes tomorrow.

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The IBA decision is only for Saturday and from Monday onwards all customers will be allowed to exchange notes at a branch of any bank.

Rishi said after the banks started using indelible ink to mark fingers of customers who have exchanged notes, the queues decreased.

"For the last one week, we have been seeing huge rush but for the last two-three days after we introduced the inking of finger we have seen a visible reduction in the rush at branches. The queues have shortened," Rishi said.

Also Read:Now, people can exchange old notes worth Rs 2,000 only once till 30 December

The government announced scrapping of Rs 500 and Rs 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 on account of Gurunanak Jayanti in major parts of the country.

--With PTI inputs

First published: 19 November 2016, 8:47 IST