Banks to the rescue from today - Note exchange window: 10am to 8pm, ATMs open tomorrow

TT, Ranchi/Jamshedpur, Nov. 9: Ranchi and the rest of Jharkhand spent an anxious day today, the abolition of Rs 500 and Rs 1,000 notes leaving residents perturbed about the near future and the daylong bank closure fuelling panic among traders and customers who were worried whether there would be enough time to exchange their old notes.

At Ranchi's commercial hub of Upper Bazaar, that sees daily transactions of anything between Rs 3 crore and Rs 5 crore, the day was gloomy. If the day's business was poor, old-timers feared that the business in winter would be affected too.

"Everything can't be paid by card," said Mahendra Kumar Jain, the proprietor of Chhabra Traders that deals in spices and dry fruits.

In Dhanbad, the coal and jewellery businesses were badly hit. Most of the 200-odd gold stores stayed closed to avoid cash transactions. Coal transportation was stalled with traders saddled with losses to the tune of Rs 100 crore.

In Jamshedpur, branded retail stores saw sales dipping by 20-40 per cent as customers without plastic money returned without shopping. Conservative estimates suggest 70 per cent dip in cash transactions in the city, Singhbhum Chamber of Commerce and Industry president Suresh Sonthalia said.

The RBI regional office in Ranchi has set up a control room, which will be monitored by nodal officer Amit Sinha (0651-2210517 and 9771348791), for the benefit of customers.

The Telegraph spoke to Parthodeb Dutta, GM (central east) of Allahabad Bank, in Ranchi and N.D. Jena, regional head of Bank of Baroda, in Jamshedpur to find out what is in store for customers tomorrow when banks open for the great exchange mela.

• What can we expect at banks tomorrow?

We will set up sufficient number of kiosks. Our focus will be on counselling people to make them understand that they are not going to lose their hard-earned money and that the 50-day time limit is more than sufficient to either deposit money or exchange old notes

• Is there a limit on how much one can exchange?

We will exchange Rs 500 and Rs 1,000 notes up to a maximum of Rs 4,000 per person

• Is there a ceiling on depositing Rs 500 and Rs 1,000 notes?

Not for KYC-compliant accounts. But, we will be watchful

• What ID proof will be required to exchange or deposit notes?

As per RBI guidelines, PAN card, voter ID, Aadhaar card or driving licence

• Is there a limit on withdrawals?

Customers can withdraw a maximum of Rs 10,000 a week by cheque

• ATMs?

ATMs of all banks will be open from Friday (November 11). Customers can withdraw up to Rs 2,000 per card per day. The limit may be revised

• What denomination notes can we expect?

ATMs have been loaded with Rs 100 and Rs 50 notes. New Rs 500 and Rs 2,000 notes are expected in a day or two. The banks will try to ensure adequate number of Rs 100 notes

• What about banking hours?

The chief minister has directed banks to stay open from 10am to 8pm. We shall comply

• And the weekend?

As per an RBI directive, banks will stay open on Saturday (November 12) and Sunday (November 13) from 10am to 3.30pm

• What are you doing to tackle the rush of customers?

We have requested the local administration to provide security to all bank branches. Counters exchanging old notes and accepting deposits will be equipped with CCTV cameras

• How many days will it take to streamline the situation?

Hardly a week.

Additional reporting by Raj Kumar in Ranchi and Pinaki Majumdar in Jamshedpur