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Enough money with banks;Don't panic says RBI
Updated : Nov 11, 2016
The Reserve Bank of India has urged "members of public to be patient", stating that there "is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country". In the statement the RBI has said that consequent to the withdrawal of Legal Tender Character of existing ₹ 500 and ₹ 1000 Bank Notes, it has made arrangements to distribute the notes in new ₹ 2000 and other denominations across the country. "There's enough cash available with banks and all arrangements have been made to reach currency notes all over the country," RBI said, adding, "The Reserve Bank appeals to members of public to be patient and urges them to exchange their old notes at their convenience, anytime before December 30." Bank branches have already started exchanging notes since November 10, 2016. Long queues were witnessed at banks and ATMs, which opened after two days, as people rushed to get new banknotes in lieu of their old defunct bills. Many ATMs ran out of cash in couple of hours as there were heavy rush to withdraw lower denomination currency.