In a first, a State Bank of India (SBI) branch in Bhopal on Sunday rolled out the first set of the newly issued Rs 500 banknotes. “With this, the people will have some respite. The work will be faster now. Till now, we were only giving Rs 100 notes. It was also taking up a lot of time. The people were really excited to receive the new Rs 500 note. It is a historic moment for all of us,” an employee with the SBI said. The people have been facing inconvenience as they had to stand in long queues at the banks and ATMs to exchange the old currency or withdraw cash. Meanwhile, the Reserve Bank of India (RBI) has said there is enough cash available in small denominations at banks, adding that the people need not be anxious and need not come over to the banks repeatedly to draw and hoard cash. “We assure public that enough cash in small denominations are also available at the Reserve Bank and other banks. The Reserve Bank urges that
public need not be anxious; need not come over to banks repeatedly to draw and hoard. Cash is available when they need it,” the RBI said in a statement. The announcement comes as anger intensified on Sunday with banks struggling to dispense money following the Government's decision to withdraw large denomination notes in an attempt to curb black money. With people facing trouble after the Centre's move, the Government later decided to extend the existing exemptions on paying public utility bills till November 14. In a Press release, the Government reassured that there is enough cash with the RBI and supply of cash to bank branches and ATMs are being stepped up gradually.