CHENNAI: Unending queues. People scrambling to get their demonetised currencies exchanged. Banks opening special counters to tackle the extra rush of customers. This was the scene outside all branches of banks across the state on Thursday as people stormed them to get their invalid currencies exchanged or deposited into their accounts as banks reopened for public use two days after the Union Government scrapped high-value denomination notes to curb black money and corruption.
As the queues got longer and longer, several branches ran out of money to be dispensed to customers and asked them to come on Friday to get their currencies exchanged. The situation is expected to improve on Friday as all ATMs are expected to up their shutters after a two-day break to dispense cash of all denominations including the new Rs 500 and Rs 2,000. Normal life was affected for the second consecutive day on Thursday, but it was much better than what was witnessed on Wednesday. With banks dispensing cash of Rs 100 notes, people had money to spend and sales in several small shops and eateries picked up in the afternoon bringing smiles back on those running these outlets.
However, people whose relatives have been admitted to hospitals were the worst hit since they could not find the accepted denomination notes. A few people who got Rs 2,000 notes expressed helplessness on how they would use it. Banks and police rose up to the occasion by patiently telling people to fill the forms and answering their questions. At least one policeman was seen at every branch of a bank in the city even as state-run and private banks deployed additional security personnel to handle the extra rush.
A majority of the banks had a special counter to help people fill the forms used to exchange the old notes and made special arrangements like deploying additional number of people and note counting machines to help ease difficulties faced by customers. Though people who got Rs 2,000 notes were disappointed since they felt they would find it difficult to spend it in departmental stores and small-time eateries, they were at least happy that they had "valid" currencies in their hand. "I got a Rs 2,000 note from the bank. I don't know how do I get change? Till then it is just a piece of paper for me," Murugan, auto rickshaw driver, said.
Don’t panic, Banks tell customers:
As people stood in long queues in front of branches of public sector and private banks on Thursday, the banks reached out to their customers asking them not to panic and rush to deposit their demonetised currencies while also encouraging them to go online. Indian Bank, ICICI Bank, Karur Vysya Bank, City Union Bank and Standard Chartered are some of the financial institutions that sent out text messages and e-mails to their customers giving them detailed briefs about how their money is safe.
Some of the banks, especially ICICI Bank, increased the cash transaction limit through online transfer for its customers and also gave several attractive offers for the customers nudging them to go cashless. In the text messages sent to customers, the banks asked them not to panic since the demonetised currencies with denomination of Rs 500 and Rs 1,000 can be exchanged or deposited into their accounts till December 30.
“Dear Customer, Have you got old Rs 500 & Rs 1,000 denominations with you? Don’t panic. The currencies can be deposited into your a/c up to 30/12/2016,” the text message sent by Karur Vysya Bank read. In the text messages sent to its customers, the ICICI Bank gave ten-point guidelines on how to go about the issue by informing them that the bank has equipped its branches with additional cash counters to manage heightened footfall of customers.
“We are presently providing our branches with the new notes of Rs 2,000/- and the existing notes of Rs 100/- denomination and of lower value. These will be available at our main branches from November 10, 2016,” the bank said. Standard Chartered said it’s committed to ensuring that the banking experience is seamless following the government notification on demonetisation of high value notes. The bank has also set up special counters at the branches to deal with the extra rush.
