People rushed to banks on Thursday as soon as at early morning 6 am  to exchange the old Rs. 500 and Rs. 1,000 notes for new ones.

A panic atmosphere was reported at most of the banks. The government has promised people of doing all the necessary adjustments for the regular replacement of currency notes at all bank branches. Even post offices had the exchange facility but the steps taken did not help people rushing inside the banks on the day one itself.

As per reports, all the commercial, rural and cooperative bank networks were directed by the government to take deposits from customers or replace the old currency with new ones, as early as possible. It is reported that one by one only a group of people were being allowed inside the bank at a time so that it is easy for staff to do the work. Hence, special methods of issuing deposit and withdrawal slips, note exchanging slips, verifying documents etc. were made outside of the banks.

Heavy police security was deployed at most of the major banks and post offices. Many high-class customers were expected to come bringing amount in lakhs. The duty of the police is also to make sure no violence occur at banks due to the manic rush. It looked as if an emergency condition was in effect at banks and POs.

Also Read: PM Modi Announces the Withdrawal of Rs. 500 & 1000 Notes to Curb Black Money

BY M. DIVYA SRI