Banks start releasing new Rs 500 notes to customers

After days of battling long queues outside ATM and finding no change against the new Rs 2000 note, some relief for people of 3 metros. The new Rs 500 note has been released by the government bringing much relief.

Little after 6 pm, the note was made available for public from select branches of State Bank of India to begin with. The General Manager of SBI, A Sankar told India Today, 'This has better security enhancement, paper quality is better and is very tough to fake".

Earlier in the day, PM Modi asked Indians to put up with the inconvenience of demonetisation for 50 days, which makes it until December 30.

Abid, one of the first to get his hands on the new note said, "It had a look and feel of a British pound. I am very excited".

Sources say it will take roughly 24 hours before people can withdraw this Rs 500 in new avatar from the ATMs.

Here are the latest developments of the day:

1. Longer queues were seen outside banks and ATMS since it was a Sunday and few banks are expected to be shut tomorrow on the occasion of Guru Purab.

2. Reserve Bank of India assured the people that there is enough cash for everyone. "The Reserve Bank urges that public need not be anxious... cash is available when they need it," the RBI said in a statement.

3. Prime Minister Narendra Modi in a press conference today said, "My honest countrymen, give me 50 days to give you the India you dreamt of," Modi said.

4. Taking a swipe at Congress Vice-President Rahul Gandhi who had recently visited a bank branch to understand the pain of common people, Modi said, "Those involved in big scams now have to stand in queues to exchange Rs 4,000".

5. Later in the day, Gandhi hit back saying, "First laughter, now tears! Mediocrity comes face to face with reality".

6. West Bengal Chief Minister Mamata Banerjee today spoke to President Pranab Mukherjee over the Centres demonetisation move and said representatives of political parties will meet him next week over the issue.

7. Delhi Chief Minister Arvind Kejriwal organised a press conference today evening, where he asked Prime Minister to apologise to Indians for mocking them.

8. The State Bank of India today got deposits worth Rs 75,945 crore, out of which Rs 3,753 crore was exchanged, and Rs 7,705 were withdrawn.