ICICI copes currency ban situation with various measures

Chanda Kochhar, MD & CEO, ICICI Bank, announced the various measures implemented by ICICI Bank on Nov 10.

ICICI Bank opened many of its branches Thursday at 8 am; the rest of the branches opened from 9 am. Many prominent branches were operational from 8 am worked till 8 pm . All branch timings were extended by two hours today. It will be the same tomorrow, Friday, November 11, 2016.

"We have served our customers as well as other banks’ customers. We have a witnessed a more than three times increase in footfalls in branches today with over five-fold rise in number of cash transactions. I am glad to share that with all our measures in place, no branch has run out of cash today," she said.

"To manage the requirements of the expected higher footfall of our customers today and the forthcoming days, we have put into place many measures which include a Special training and guidance to our employees; increase in the number of cash counters at the branches; creation of additional facilities for the convenience of senior citizens."

"We have provided our branches with the new notes of Rs. 2000/- and the existing notes of Rs. 100/- denomination and of lower value. We have even replenished cash in our high footfall branches twice today," she said.

ICICI ATMs have started getting operational for usage by ICICI Bank customers. Non-ICICI Bank customers will also be able to use the ATMs, once the NPCI switch becomes operational. Customers will be able to withdraw money from ATMs to the extent permitted by RBI (Rs. 2000/- per day in denomination of Rs. 100. This is within the overall limit of Rs. 20,000 per week).

ICICI said all charges pertaining to cash deposit in  Savings Accounts across all branches will be waived w.e.f. November 10, 2016 till November 30, 2016.

Charges related to transactions at ICICI Bank ATMs by ICICI Bank customers will be waived till December 31, 2016.

ICICI has doubled the daily usage limit of debit cards for use at Point-of-sale (POS) as well as online transactions.

"We have offered our credit worthy customers an additional credit limit of 20% on credit cards," she said.

She said: "We are thankful to the entire ecosystem including RBI, the law enforcement authorities and for their co-operation for a smooth transition. I would specially like to thank our customers who have shown utmost patience and grace today. I would like to laud the Government on this bold, game changing initiative; and RBI for their help and support."