Enough Cash is Available, RBI Assures As Long Queues Seen At ATMs, Banks

The Reserve Bank of India has assured the public that "enough cash is available" at the banking system as people scrambled for cash after the government banned higher denomination notes on Tuesday. 

Several ATMs have started functioning from this morning and long queues were seen at many places. ATMs of many banks also ran out of cash in couple of hours as there was a heavy rush. 

Banks across country also witnessed heavy rush for the second day as people gathered to get new banknotes in exchange of old bills. 

"There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country," the RBI said in a statement. 

The central bank urged the public "to exercise patience and exchange notes at convenience." 

The RBI said it has made arrangements to distribute the notes in new Rs 2000 and other denominations across the country. 

The central bank said it may take a while for the banks to recalibrate their ATMs and once the ATMs are functional, the public will be able to withdraw from ATMs up to a maximum of Rs 2,000 per card per day up to November 18, 2016 and after that up to withdraw Rs 4,000 per day per card.