Considering the rush of customers expected to exchange and deposit the banned denominations of Rs 500 and Rs 1,000 currency notes, banks in the country will remain open for public transactions on Saturday and Sunday, the Reserve Bank of India (RBI) said today.
“In order to meet the anticipated heavy demand from members of public to conduct their banking transactions, it has been decided that banks shall remain open for public transactions on Saturday, November 12 and Sunday, November 13, 2016,” the RBI said in a statement.
“Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days,” it said.
Prime Minister Narendra Modi last night announced the decision to ban Rs 500 and Rs 1,000 currency notes from last midnight.
Declaring a "decisive" war against black money and corruption, Modi also listed a raft of steps to assure commoners that their money is safe.
The RBI has issued new currency notes of denominations of Rs 500 and Rs 2,000 which will be made available at banks from tomorrow.
Any individual can exchange upto Rs 4,000 of old notes with the new ones while there is no cap on the deposits in the form of old notes.
In his first televised address to the nation two-and-a- half-years after assuming office, he had announced a 50-day window from November 10 to December 30 for those having these notes to deposit them in their bank and post office accounts "without any limit".