RBI urges people not to panic as crowds lose cool waiting outside banks, ATMs for new banknotes

Hundreds of people queued up outside ATMs and banks to exchange and withdraw banknotes.

People thronged post offices, banks in huge numbers and even lost their cool after banks, reportedly, complained of less cash.

In this backdrop, the Reserve Bank of India (RBI) issued a statement, asking people to remain calm.

“There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. It may take a while for the banks to recalibrate their ATMs; once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of ₹ 2,000 per card per day up to November 18; and after that withdraw up to ₹4000 per day per card,” RBI stated.

The facility for exchanging the withdrawn denominations of ₹ 500 and ₹ 1000 is available for nearly 50 days.

“The Reserve Bank appeals to members of public to be patient and urges them to exchange their old notes at their convenience, any time before December 30, 2016,” the statement read.

(Image: Reuters)