BUSINESS

RBI Website Crashes Following India's Radical Currency Swap Scrapping ₹500 and ₹1,000 Bank Notes

The latest fallout of the shock announcement.

09/11/2016 11:52 AM IST | Updated 09/11/2016 1:27 PM IST
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Hindustan Times via Getty Images
NEW DELHI, INDIA - NOVEMBER 8: RBI Governor Urjit Patel and Secretary, Department of Economic Affairs Shri Shaktikanta Das showing the new Rs 500 notes during media briefing after the Cabinet Meeting in PIB Press Conference Hall, Shastri Bhawan on November 8, 2016 in New Delhi, India. Prime Minister Narendra Modi in his 40-minute speech announced scrapping the Rs 500 and Rs 1000 notes effective midnight of November 8 sent out a loud and clear message in the war on black money and corruption. (Photo by Vipin Kumar/Hindustan Times via Getty Images)

The Reserve Bank of India (RBI) website crashed on Wednesday morning in the wake of India's shock withdrawal of ₹500 and ₹1,000 bank notes.

RBI is expected to issue new ₹2,000 and ₹500 notes in the coming days and weeks and had detailed several FAQs and directives on its website to banks and people regarding the currency scrapping which has already gone into effect. As of 12:50 pm, the RBI website had been down for at least two hours.

Despite Prime Minister Narendra Modi's appeals to calm during his televised address on Tuesday night, the sudden announcement led to chaos as gas stations and other retailers refused to accept the larger bills, and bank ATMs stayed closed. Long lines were seen outside ATMs the previous night.

The shock measure also sent the markets in a free fall on Wednesday morning which were already spooked by the prospect of Republican candidate Donald Trump winning the U.S. election, with India's National Stock Exchange share index slumping over 1,000 points in early trade.

India's demonetisation move is aimed at combating the scourge of black money, corruption and fake currencies that allegedly fund terrorism.

ALSO READ: RBI FAQ Explains Everything You Need To Know About The ₹500 And ₹1000 Currency Swap

With Reuters inputs

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