Chennai: All banks will remain open this Saturday and Sunday to clear the rush of customers. A few banks, including the country’s largest lender State Bank of India and leading private player ICICI Bank, announced extension of banking hours to help their customers’ deposit/ exchange notes of Rs 500 and Rs 1,000 denomination.
“For public convenience, banks will remain open on coming Saturday and Sunday,” economic affairs secretary Shaktikanta Das tweeted on Wednesday evening.
November 12 being second Saturday was a holiday according to the schedule, but the government cancelled the holiday and asked the banks to remain open on Saturday and Sunday to facilitate people to exchange or deposit their “invalid” notes.
The Reserve Bank of India also said co-operative banks have also been asked to take deposit and exchange the old with the new one. “In order to meet the anticipated heavy demand from members of the 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.
While the SBI announced that all its branches will remain open on Thursday with extended business hours up to 6 pm, ICICI said their branches will be open till 8 pm on Thursday and Friday. The SBI also announced opening of dedicated “exchange counter” at all branches and the ICICI bank waived off fees for transacting ATMs.
Another private bank Axis Bank also waived cash handling charges, and did away with the five free transactions a month limit on its own ATMs and extended banking hours.
All banks sent out text messages to their customers informing them that there is no cap on deposits of notes into their accounts from Thursday to December 30, 2016.
