Banks will serve only their respective customers today

Banks will serve only their respective customers today and will not exchange the old 500 and 1,000 rupee notes from customers of other banks. Indian Banks' Association(IBA) Chairman Rajeev Rishi said, all these days banks' own customers have suffered as banks have not been able to do their work. He said, senior citizens have been exempted and they can go to any bank branch to exchange the notes. 

Mr Rishi said, the decision is only for today. From Monday onwards, all customers will be allowed to exchange notes at a branch of any bank. The IBA Chairman also said, after using indelible ink, queues have substantially been reduced. Indelible ink is being used on the right hand index finger of customers to stop repeat money exchangers thronging banks with invalid currency notes.

Replacing 86% currency notes with new ones could not have been



executed in better way than currently being done: Arun Jaitley Union Finance Minister Arun Jaitley has said, replacing 86 per cent of the currency in circulation with new notes could not have been executed in a better way than currently being done. Mr Jaitley said this at a function in New Delhi yesterday. 

He said, replacing such a large currency without any social unrest and any significant economic disruption was an achievement. The Minister said, currency replacement is moving smoothly and queues are getting smaller every day.He said, the government has to make sure the currency reaches rural areas in the next 1 or 2 weeks because that is where it's required. Mr Jaitley also said, demonetisation will help banks lend at a cheaper rate to businesses, trade, agriculture and infrastructure while at the same time getting rid of the shadow economy.