Banks resume normal services after two weeks

Since the banks had to deploy their manpower for exchange/ deposit of demonetised notes, services like loan sanctions, internet banking accounts, cheque book issuances and others were stalled. 

A bank official from a nationalised bank said, “Banking activity had been crippled as bank officials were busy dealing with demonetised notes, leaving other banking services to be largely ignored. We were unable to issue fresh loans or recover repayment of existing loans. This will certainly have a crippling effect on the economy. Sectors like manufacturing and agriculture, which create most jobs, will be affected.”

After the announcement that demonetised notes can only be exchanged at the RBI or deposited into bank accounts, normalcy has been restored at banking outlets across the city. An official at a nationalised bank branch on Anna Salai said that though no services were formally halted, exchange/ deposit of demonetised notes took precedence over other activities. “Cash deposit machines were being overloaded due to the quantum of deposits that were being made. Instead of clearing machines once a day, we had to clear the load thrice. Because of this, other services were not given importance. However, we were receiving requests for loans and opening of accounts, which were taking a little longer, as our staff stayed back late to clear as many such requests as possible. But from November 25 onwards, things are back to normal,” said the official. 

It was business as usual for private banks, which were offering their regular services. “We had a few extra counters to accept deposits but after the initial few days, requests for exchange of demonetised currency dropped drastically. 

Most of our services were functioning normally, even during the demonetisation,” said an employee of a private bank in the city.

Meanwhile, customers, who had been trying to access other services, were left feeling hassled. Jayalakshmi M, a working professional from T Nagar, said, “I had applied for net banking facility just a day before the demonetisation announcement. Though I received a message later in the day that I can collect details the same week, I am yet to receive any confirmation. Without sufficient cash in ATM, it has become difficult for me to carry out transactions. I’m glad that I can finally activate the facility, which will make my life simpler.”