State Bank of India Chairman on Thursday said that bank branches have adequate staff on basis of average requirement. The SBI chair asserted that some chaos is expected but situations like this are a part of process. “The staffs in banks are hired as per the average requirement. Since this requirement arose only yesterday, it will take some time.” She added that RBI has allowed them to hire some retired people to fulfil the requirement. The SBI Chairman also said that there has been no report regarding any mishappenings at the banks.
Long ques were seen outside the banks this mornings as people flocked nearby places to exchange their existing Rs. 500 and Rs. 1000 notes.
Several banks and RBI have taken some measures and extended their working hours, banks will be open on weekends as well, the finance minister said. Arun Jaitley also said that there will be an impact on small purchases for a few days, till there is adequacy of currency, but it is beneficial in long run. Chief Economic Advisor Arvind Subramanian said that instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth.