
In a relief for lakhs of citizens hit by demonetisation, state lender SBI has announced that the bank will start dispensing Rs 50 and Rs 20 notes soon.
The announcement was made by SBI chairman Arundhati Bhattacharya.
The chairman said that the bank will start dispensing Rs 50 and Rs 20 denominations once the rush decreases.
Large crowds again gathered at banks across the country trying to change Rs 500 and 1,000 notes, demonetized by the government on Tuesday, in an effort to crack down on corruption.
In a surprise move, Prime Minister Narendra Modi on the night of November 8 announced withdrawal of Rs 500 and 1000 notes but allowed people to deposit them in their bank accounts or exchange them with new Rs 2000 and Rs 500 notes till December 30.
To give comfort to honest taxpayers, the government said deposits of up to Rs 2.5 lakh in accounts of housewives and farmers will not be reported to Income Tax authorities.
"The objective of the scheme was to get the idle cash into the banking system and if you multiply it (SBI's deposits) by 4-5 times, about Rs 2 lakh crore has become part of the banking system," FM Arun Jaitley has said.
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