Rs 500, Rs 1000 ban: Banks to remain open on Saturday, Sunday, says RBI

Prime Minister Narendra Modi had announced that Rs 500, Rs 1000 notes will no longer be a legal tender.

Urjit Patel had said that the RBI has increased the production of notes. Photo: Reuters

The Reserve Bank of India on Wednesday announced that the banks will remain open on Saturday, November 12 and Sunday, November 13, 2016 due to huge demand.

In order to meet the anticipated heavy demand from members of public to conduct their banking transactions, RBI decided to keep banks functional for public transactions. Usually, banks remain shut on second Saturday of every month.

"Banks are advised to keep all their branches open on November 12 and 13, 2016 as regular working days for transacting all business. Banks may give due publicity about availability of banking services on these days", RBI said in the notification.

On Tuesday night, Prime Minister Narendra Modi had announced that Rs 500, Rs 1000 notes will no longer be a legal tender.

Following Modi's announcement, RBI Governor, Urjit Patel had said that the RBI has increased the production and trying to provide new currency notes as soon as possible.

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