Banks to remain 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 by the government, the RBI said.
- Nov 9, 2016,
- Updated Nov 9, 2016 6:47 PM IST
Bringing a much needed relief to people, the RBI on Wednesday said that all scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain open for public on Saturday, November 12 and Sunday, November 13, 2016.
Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days, the central bank said in a release.
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a day after government demonetised Rs 500 and Rs 1000 currency notes said that adequate currency for replacement of withdrawn bank notes will be available at banks and post offices in 2-3 weeks.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.
Bringing a much needed relief to people, the RBI on Wednesday said that all scheduled and non-scheduled banks, including public, private, foreign, cooperative, regional rural and local area banks, will remain open for public on Saturday, November 12 and Sunday, November 13, 2016.
Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days, the central bank said in a release.
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a day after government demonetised Rs 500 and Rs 1000 currency notes said that adequate currency for replacement of withdrawn bank notes will be available at banks and post offices in 2-3 weeks.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.