18/11/2016 10:16 PM IST | Updated 18/11/2016 10:29 PM IST

Banks Open On Saturday, Will Serve Senior Citizens And Own Customers

"The queues have shortened."

Hindustan Times via Getty Images
NEW DELHI, INDIA - NOVEMBER 10: Rush at the State Bank of India, Central Market, Lajpat Nagar on the opening of the banks for issuance of new currency on November 10, 2016 in New Delhi, India. It was a manic rush outside most banks across the country on Thursday. People were seen waiting outside many banks as early as 6 a.m. to exchange the now defunct Rs. 500 and Rs. 1,000 notes, deposit them in their accounts and withdraw money. As part of sweeping steps to battle black money, Prime Minister Narendra Modi announced that Rs. 500 and Rs. 1,000 currency notes will cease to be legal tender from midnight of Tuesday. (Photo by Saumya Khandelwal/Hindustan Times via Getty Images)

Indian Banks' Association today said all banks will serve only their respective customers tomorrow and will not exchange the old Rs 500 and Rs 1,000 notes from customers of other banks.

"All these days our own customers have suffered because we have not been able to do their work. So, we have seen lot of pending work at branches especially for our existing customers. We, from IBA, have taken a view that tomorrow, that is, on Saturday we shall be exclusively doing work for our own customers. And tomorrow we will not be doing exchange of notes (for outside customers)," IBA chairman Rajeev Rishi told reporters here today.

He, however, said senior citizens are exempted and they can go to any bank branch to exchange notes tomorrow. The IBA decision is only for Saturday and from Monday onwards all customers will be allowed to exchange notes at a branch of any bank.

Rishi said after the banks started using indelible ink to mark fingers of customers who have exchanged notes, the queues decreased. "For the last one week, we have been seeing huge rush but for the last two-three days after we introduced the inking of finger we have seen a visible reduction in the rush at branches. The queues have shortened," Rishi said.

The government announced scrapping of Rs 500 and Rs 1,000 notes on November 8. Banks were opened for transactions from November 10 but were closed on November 14 on account of Gurunanak Jayanti in major parts of the country.

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