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THE SCENE AT BANKS IN PANAJI
* A public sector bank disbursed more than Rs 1 crore cash by 3 pm on Thursday
* Nearly 800 customers turned up at a private sector bank in the capital city
* Owing to the rush, some of the custmers had to return home without any cash
* ICICI Bank pulled down shutters at 5 pm as there was no space for more people
* By 2 pm, HDFC Bank had already dispensed whatever cash they had
* SBI’s 18th June Road branch had adequate cash for customers throughout the day
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KUDOS TO THE BANKING STAFF
* Staff at most of the banks were extremely helpful and co-operative
* SBI in the city had two extra counters just to help people fill forms
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CUSTOMER-SPEAK
A lot of people were asking for Rs 100 notes, but the bank couldn’t accommodate all of them
- Jason Fernandes
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Banks recommenced operations on Thursday after remaining shut the previous day, but struggled to find adequate cash in the backdrop of a mad rush for exchanging old Rs 500 and Rs 1,000 currency notes following its demonetisation.
A senior manager of a public sector bank informed that his bank had disbursed more than Rs 1 crore cash by 3 pm. An executive of a private sector bank said that nearly 800 customers turned up at the branch to either exchange or deposit old currency notes.
As people arrived in large numbers at the banks, some of them had to return home without any cash. Mukund Ingle said, “HDFC Bank told me that they had no cash. I had only Rs 1,000 notes, which I deposited, but I couldn’t withdraw any.”
HDFC Bank had put up a notice outside 18th June Road branch around 2 pm which read that, they had already dispensed whatever cash they had.
Lack of adequate cash might have disappointed some customers, but staff at most of banks were extremely co-operative. For instance, State Bank of India's (SBI) 18th June Road branch had two extra counters just to help people fill form required for exchanging old currency notes.
What also helped customers was the queue for depositing was not long, while that wasn't the case at the counter to exchange old notes: it was really long.
Jason Fernandes said, “I came to deposit old notes and withdraw cash from my account in SBI’s branch at 18th June Road. There were only 3-4 people in the queue. A lot of people were asking for Rs 100 notes, but the bank couldn’t accommodate all of them. I got Rs 2,000 notes and Rs 500 notes.”
But, lack of adequate cash became a problem for banks in the second half of the day. Earlier in the day, a number of banks had assured that they would be open for people till 6 pm at least, but they fell short of cash much earlier.
ICICI Bank’s branch at DB Road in Panaji had to pull down shutters at 5 pm, as the branch was crowded with people and there was space for no more.
Business went on in banks despite few hiccups like customers having to wait in queues. A tourist arrived at Canara Bank’s branch in Panaji to exchange notes, but had only the photocopy of his ID. The manager insisted on the original, which clearly shows high standards being followed to ensure that money is coming from genuine people.
Customers can exchange Rs 4,000 of old notes with new notes per day by filling a form, showing original ID and giving photocopy of the same. People can also withdraw a maximum of Rs 10,000 per day or Rs 20,000 a week from their bank account.
While few banks grappled to find cash in the second half, SBI’s 18th June Road branch had adequate cash for customers throughout the day.
Meanwhile, long queues at banks discouraged some customers as well. Ashton Mendes came to Canara Bank branch in Panaji to exchange cash but seeing a queue of 20 people went back.
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Post offices also run dry; dispense Rs 54.5 lakh
Like banks, post offices in the state too had to bear the brunt of long queues of people who turned up to exchange Rs 500 and Rs 1,000 currency notes. Post offices had dispensed Rs 54.5 lakh on day one of the exchange within three hours of receiving the new currencies.
Speaking to 'The Goan', Postmaster General (Goa region) Vinod Verma said post offices had received notes of Rs 10, 20, 100 and 2,000 at 11 am on Thursday and had dispensed it all by 3 pm.
“The State Bank of India (SBI) had supplied the notes in the morning and it was over by 3 pm. We will be receiving another consignment on Friday morning that will be dispensed later in the day,” said Verma.
The Panaji head office dispensed a total of Rs 20 lakh while Rs 15 lakh was dispensed at the Margao post office, Rs 5 lakh in Vasco, Rs 3 lakh in Ponda, Rs 5 lakh in Bicholim, Rs 4.5 lakh in Curchorem and Rs 2 lakh at Canacona.
Post offices, like banks are accepting demonetised notes of Rs 500 and Rs 1,000 in exchange for new Rs 2,000 notes as well as Rs 100, 50, 20 and 10 that are currently in circulation.
In addition to the new Rs 2,000 note, post offices also received Rs 100, 20, 50 and 10 notes. In all, 1,900 Rs 2,000 notes were received, 11,000 Rs 100, 15,000 Rs 20 and the rest Rs 10 notes. It was informed that new Rs 500 notes were yet to be received at post offices in the state.
It was not confirmed whether post offices would remain open on Saturday and Sunday, but Verma said if SBI supplies them with new notes, they would consider keeping two centers, probably Margao and Panajim, open for the two days.
He also said that if an individual’s KYC was in place, they would be permitted to unlimited deposit, if not, only Rs 50,000. “Old notes including Rs 100 and Rs 50 can also be deposited directly into individual accounts or be exchanged,” he said.
