Published On : Wed, Nov 9th, 2016

Banks to stay open this Saturday, Sunday: RBI

Banks will remain open during the coming weekend to help people exchange Rs 500 and Rs 1,000 notes which were demonetized from today.

Banks will be open to public on November 12 and November 13, the RBI said.

Banks and ATMs were closed today leaving lakhs of people scrambling to buy groceries and tickets for public transport. Many commuters were locked into long traffic jams as toll plazas refused to accept the notes that were abolished at midnight

Finance Minister Arun Jaitley, while speaking to media a day after government demonetised Rs 500 and Rs 1000 currency notes said that adequate currency for replacement of withdrawn bank notes will be available at banks and post offices in 2-3 weeks.

“Lot of black money will now be brought into banking system. It’s a move to make India a cashless economy and cannot be compared with demonetisation of 1978,” Jaitley added.

Terming the move a rare decision by any government. The Finance Minister said it pays to be honest and not so honest will be worried with this move.