Don’t miss the latest developments in business and finance.

People queue up in ATMs, anxious to deposit Rs 500, Rs 1000

Image
Press Trust of India Chennai
Last Updated : Nov 08 2016 | 11:22 PM IST
Just after Prime Minister Narendra Modi's announcement scrapping Rs 500, Rs 1,000 notes, people began queueing up in bank ATMs to deposit currencies of these denominations in Cash Deposit Machines (CDMs) and tried to withdraw notes of lower denomination.
At "e-corners," of large banks including State Bank of India that offer multiple banking services including deposit and withdrawal of cash, people formed serpentine queues.
At the SBI e-corner in Kodambakkam here the queue stretched till the main road from the bank premises with anxious people waiting to deposit their five hundred and thousand rupee notes.
A Kumar, a private sector employee said he deposited whatever "five hundred and thousand rupee notes," he had. "Luckily, the cash disbursal machine gives out only Rs 100 notes now," he told PTI.
In almost all the ATMs, people could be found making a big beeline.
Although it has been announced that fuel outlets will accept Rs 500, 1000 notes for the next 72 hours, some petrol pump operators sounded apprehensive and declined to accept five hundred and thousand rupee notes from their customers ensuing in arguments.
Though the ban of currencies will take effect only from today midnight, shopkeepers, restaurants and traders could be seen declining to accept Rs 500, Rs 1000 notes.
Everywhere, ranging from tea stalls to bus stations, the demonetisation of the currency was the main topic of discussion.

Disclaimer: No Business Standard Journalist was involved in creation of this content

More From This Section

First Published: Nov 08 2016 | 11:22 PM IST

Next Story