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New currency: Here is what RBI has instructed the banks

  • Huge rush and long queues were witnessed at the banks across the country
  • The banks were ordered to remain closed on November 9.
New currency Here is what RBI has instructed the banks

Banks across India have witnessed a huge rush as thousands of citizens have started depositing and exchanging the demonetised currency notes of ₹500 and ₹1,000.


For the exchange limit of ₹4,000 set by the government, bank officials were giving a new note of ₹2000 and 20 notes of ₹100. Some banks said they had not received new notes of ₹500.    


Here is what the Reserve Bank of India has asked the banks to do, to ensure the currency exchange and deposit, takes place smoothly.


  • RBI has asked all banks to write to local police to make arrangements for managing large crowds.


  • Install CCTV cameras at all vital points.


  • While accepting the notes of ₹500 and ₹1000, be attentive about quality of the note.


  • Withdrawals will be given more priority than exchanges.


  • No lunch breaks on November 10.


  • One Exchange form will be accepted from one customer with original valid ID Proof.


  • Avoid arguments with customers and do not talk to the media.


  • Arrange to print and place minimum 500 copies of exchange form at various counters in the Branch.


  • Banks managers are advised to keep 2-3 copies of RBI guidelines and circulars to convince the irritated customers if any.


  • All the cash of ₹500 and ₹1000 to be deposited in the link branches.


  • All the exchange forms to be recorded in a register daily after close of working hours.
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