People queue up outside the Sion branch of the Bank of Maharashtra on Thursday morning to exchange currency notes of Rs 500 and Rs 1,000. (Photo: Rajesh Jadhav)
Chaos reigned on day one of the reopening of banks after the government demonetised Rs 500 and Rs 1,000 notes with effect from the midnight of November 8. Many queued up outside banks in the city since early Thursday morning, waiting to deposit the now-defunct high denomination currency (HDC) notes and also get new notes in exchange for the old ones.
Many, however, left home perplexed about receiving the new Rs 2,000 notes as they were worried about how they would get loose change in lieu of the same. At a few banks, stocks of the newly-issued Rs 500 notes was over by afternoon, which inconvenienced a few customers.
An auto driver, Suleiman, who stood in queue for over two hours outside the LJ Road branch of Bank of Maharashtra, was shocked when he received the new Rs 2,000 note. “I know it’s a new note but how am I going to get change for the same I am an auto driver and I need loose change to pay commuters. What am I going to do now ” he said.
When asked about the paucity of the newly-issued Rs 500 notes, a Corporation Bank executive said, “By Thursday afternoon, our stock of new Rs 500 notes was over.” He added, “We had to then give out Rs 2,000 notes.”
Meanwhile, Seema Mehta, a housewife, said: “The branch I went to did not open an hour early as it was supposed to. We were waiting since 8 am and the bank opened at its usual time of 9 am, defying the RBI notification.”
The forms that had to be filled were in English, and this inconvenienced many customers as well. Kannalal, a worker with the Maharashtra State Electricity Board, lamented in Hindi: “I can’t read English or write the language. They should have made the forms available in other languages as well. I don’t want to make two to three rounds just for this.”
Moreover, some people in suburbs like Bhayandar received coins worth Rs 400 in return for their old notes. “I don’t know what to do with so many coins. I asked the bank officials for notes but they said they don’t have any, despite me being one of the early customers,” said a person.
While the police was to provide security at banks, there were not many personnel deployed. A patrol van spotted said that they had been asked to make hourly rounds but nothing about being stationed at banks. “We are making regular rounds and ensuring that no fights or chaos breaks out near banks,” said an officer in Mahim.
