Cyclone Fani: RBI directs banks to stay open till 6PM; Exchange Damaged Notes

Offering major relief to the Cyclone Fani crippled Bhubaneswar, the Reserve Bank of India (RBI) has directed the bank branches in the city to work beyond normal hours and remain open till 6 PM and exchange currency notes damaged in the severe cyclonic storm.

Cyclone Fani

Reports suggest that all banks have been asked to allow exchange of currency notes that are dirt ridden, torn, tattered, burnt or joined by adhesives. Such damaged notes can now be exchanged with new notes at all banks. The notes that are extremely distorted can be deposited with the RBI.

 “We have adequate amount of notes and coins available with us to meet the demands of the public. Reserve Bank of India is transferring sufficient cash to currency chests in the cyclone affected districts to avoid shortage of cash,” said Regional Director, RBI Odisha Branch, Mahesh Malla.

“All branches functioning under these districts will remain open on all working days while banking services would be made available for two additional hours till 6 PM for transactions and withdrawal of cash wherever required. Mobile ATM vans, additional POS machines will also be made available in rural areas. So far, 50 percent ATMs are operational, while adequate cash is available,” he added.

For offering convenience to the victims, several Mobile ATMs have also been deployed across several areas in Bhibaneswar to help citizens withdraw cash. However, the citizens are requested to withdraw limited amounts that are enough to suffice their need to buy essential commodities, urged BSCL.

This apart, the RBI has also appealed its employees to donate at least one day’s salary to Chief Minister’s Relief Fund for relief, rescue and rehabilitation of affected persons.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for Elets Digital Lending Summit, Mumbai and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.