Amid cash rush, RBI asks people to be patient

TIL Desk/Business/New Delhi-As millions queued up outside banks and at ATMs, which opened after two days on Friday, the Reserve Bank of India said enough cash is available for exchanging the scrapped Rs 500, Rs 1000 notes and asked people to be “patient”.

“There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016,” Reserve Bank of India said in a statement.

It said that consequent to the withdrawal of Legal Tender Character of existing Rs 500 and Rs 1000 bank notes, it has made arrangements to distribute the notes in new Rs 2000 and other denominations across the country.

The central bank conceded however that it may take a while for banks to recalibrate ATMs and once that is done, “members of public will be able to withdraw from ATMs up to a maximum of Rs 2,000 per card per day up to November 18, 2016”. After that, they will be able to withdraw up to Rs 4,000 a day per card.