W Midnapore bank officials ready for mammoth task to deposit

With the Reserve Bank of India guidelines for banks with the closure of the facility of exchange of specified bank notes - Rs. 500 and Rs. 1000 - at the close of business on December 30, 2016, the 100-odd bank branches in West Midnapore district will have to deposit the same to two chests in the zone by tomorrow.
A top bank official in the district said, an estimated Rs 1000 crore will have to deposited in the two chests by tomorrow which is a massive task.
The Union Finance Ministry today said that from tomorrow onwards banks will have only valid currencies.

"With amounts like Rs 112 crore estimated to be deposited by UBI in the district, Rs 2 crore by Mallabhoom Bank and likewise, the total amount from around 100 banks will be not less than Rs 1000 crore and we have to pass this test once again like the post-demonetisation announcement in November," the official of the nationalised bank in district, not wishing to be named, told PTI.
All bank branches (other than those of District Central Co-operative Banks) that have accumulated notes are required to reveal their numbers, RBI in a press statement said,
"With the closure of the facility of exchange of SBNs as at the close of business on December 30, 2016, all banks should report information on the collection of SBNs on December 30, 2016 itself at email," the statement added.