RBI warns public not to go to agents for exchange

Sadakkadulla was responding to questions about the long queues and complaints of inconvenience to the people in exchanging the high denomination notes. “We have deposited money yesterday evening itself in all the banks in Tamil Nadu from our currency chest. Hence there is no need for any panic,” he said adding anyone could exchange the cash by presenting ID proof. He said distribution of the Rs 2000 notes has begun by all banks in the state. 

“Starting today, till December 30, including coming Saturday and Sunday, cash distribution will be made and hence there is no need for any panic,” Sadakkadulla said. There was a mad rush at the banks which opened after a day’s closure. Several public sector banks including country’s largest public sector State Bank of India, Bank of India, Bank of Baroda, City Union Bank opened additional counters to clear the crowd, officials said. “Today we are operating only to exchange the currencies and for deposits. I think it will take some time to stabilise”, City Union Bank Chairman  and Managing Director N Kamakodi told PTI. Many branches asked the customers to wait outside  the premises to cater to those already inside. Police personnel were posted in sufficient numbers for crowd management.  A few alleged that they were asked to pay a token sum by outsiders who had the forms required to be filled up for exchanging the old currency.