This demonetisation exercise was long overdue

Usha Ananthasubramanian, CEO, Punjab National Bank, termed the government’s move to demonetize currency notes of Rs 500 and 1000 as one of the boldest. She said while the announcement of the government took the nation by surprise, it was one of needed to clean up the system. She explains how her bank has geared up for the busy days ahead. Excerpts. stop. No doubt, there will be difficulties but we, as responsible citizens, must co-operate to make this a grand success. Yes, the decision was sudden but if it wasn’t, the exercise wouldn’t yield the desired results. This is one of the most important reform moves. to our customers. There is absolutely no need for any panic. The money that people have with them is safe. They just need to exchange the old currency notes with the new ones.

We are fully equipped. We have extended our working hours, kept our branches open on holidays. Our branches and staff have responded very well. There have been long queues but things have been smooth. In fact, the customers have been co-operative and understanding. We are keeping a watch on the situation.

Yes, it was a sudden decision but the bank branches and ATMs were closed on November 9 and this allowed us to prepare ourselves and gear up for the exercise. Our experience has been very good and the staff members stood together to take on the pressure.