Kolkata: In a major step to check black money, Prime Minister Narendra Modi on Tuesday announced demonetization of Rs 500 and 1000 currency notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption. Some Banks Like Axis Bank, ICICI bank also announced a slew of measures, including extension of banking hours, doing away with ATM charges and expanding credit limits to handle the expected huge rush to tender now defunct Rs 500 and 1000 notes.
ICICI Bank Managing Director and CEO Chanda Kochhar said all charges pertaining to cash deposit into one’s accounts will be waived till November 30 and the fees for transacting at ATMs will also be scrapped till December 31, ICICI Bank said in a statement. Axis Bank has also waived cash handling charges, and done away with the five free transactions a month limit on its own ATMs and extended banking hours, its president Rajiv Anand told.
In this issue, State Bank of India on Wednesday (09 November) said it is gearing up to make available the Rs 100 notes at all its ATMs and branches across in the next two days, to help reduce the inconvenience of the public after the government last night scraped Rs 500 and Rs 1,000 banknotes.