National Bank of India says Rs 500 and Rs 1,000 notes ‘unnecessary’ for consumers
New Delhi, Feb. 25:The National Bank (NB) has said that the Rs 500/1,000 currency notes are “unnecessary” for many people, with the RBI calling on people to take care as it has not received any calls for the note ban.
In a statement, the bank said the new Rs 500 currency notes have been introduced at the national level and are not a replacement for the old Rs 500 notes.
The new Rs 1 and Rs 2 notes are not replacement notes, it said.
The bank said people can exchange their old notes at its ATMs and ATMs are open till 12:00 pm on Monday and they can exchange new Rs 2, Rs 5, Rs 10, Rs 20 and Rs 50 notes at any of the NB branches.
“It is a matter of record that NB has been in touch with the government on the need for this change,” the statement said.
The government has decided to withdraw Rs 500 from circulation after the Supreme Court asked the central bank to do so in September after the Centre stopped accepting banknotes from ATMs, as the government had been asking the RBI to do.