Delhiites cheer as RBI launches Rs.500 notes

With an aim to provide immediate relief to Delhiites from cash-crunch and scarcity of lower denominated currencies, the Reserve Bank of India issued a new series of Rs.500 notes on Sunday evening.

People, who have been waiting in long queues for several hours, finally got their hands on the new note which brought immediate smile on their tired faces.

Delhiites were seen taking selfie and started posing for camerapersons outside banks.

State Bank of India (SBI) Chief General Manager, Delhi, Alok Choudhary said the distribution of new notes will ease out bottlenecks while purchasing essential items from the market.

"We need lower denomination notes for purchasing essential articles to ensure flexible payments and for this purpose the introduction of Rs. 500 notes and their distribution amongst the people was essential," Choudhary said.

Ever since the new series of Rs.2000 notes were introduced people have been ruing for spare change as several shopkeepers refused to accept the currency citing scarcity of lower denominated currencies.

Meanwhile, the RBI said there is enough cash available in small denominations at banks, adding that the people must not be anxious and need not come over to banks repeatedly to draw and hoard cash.

"The Reserve Bank of India assures members of the public that enough cash in small denominations are also available at the Reserve Bank and 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 RBI's 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.