Demonetisation effect: Queues persist outside banks for the 12th day

There has been no relief for the common man queuing up outside the banks for the 12th day since the banks reopened after the demonetisation move

There has been no relief for the common man queuing up outside the banks for the 12th day since the banks reopened after the demonetisation of the Rs 500 and Rs 1,000 currency notes on November 8.

At least 40-50 people were waiting restlessly while many were holed up inside some bank offices in Sector 16 of this Delhi's suburban town in Uttar Pradesh on Monday, this IANS correspondent found.

"I came to the bank for the first time since the note-ban and it has already been half an hour that I am waiting," said a Financial Advisor with Genpact standing at the far end of the queue outside Axis Bank.

He hoped to get some cash in hand before the bank closed their business for the day. He had specially taken a day's leave from office to be at the bank.

Another man trading in foreign exchange, standing outside the same bank, said that "although the wait is same as it was on day one, I think it's a good move overall".

"Earlier we used to exchange rupees worth 50,000 into dollars, and there used to be lot of customers," he pointed out.

"However, now we have started asking for proper documents for the smallest of such transactions, and the number has dwindled. Black money holders are affected by this demonetisation move," he said.

Similar sentiment was echoed by another youth, who stood outside the Kotak Mahindra Bank and said that the pros outweighed the cons of the move.

"People must understand that this decision was taken for the larger good," he said.

"I have been standing for half an hour here and can wait for as long as it takes," he added unperturbed.