First set of new 500 banknotes rolled out in SBI branches
The freshly released 500 rupee notes are expected to ease pressure on banks’ cash position and control the havoc caused by demonitisation of the high-denomination currency.
The State Bank of India (SBI) launched the first set of newly issued 500 rupee notes in their Bhopal branch on 13 November 2016.
The new notes are expected to help control the havoc caused by demonitisation of high-denomination currency and ease pressure on banks’ cash position.
For SBI, which was only handing out 100 rupee notes until now, the introduction of new 500s will definitely help fasten their work process.
Design Elements of the New 500 Rupee Note
• Stone grey in colour, the 63mm x 150mm note has Mahatma Gandhi’s image on one side and Red Fort on the other.
• It bears a guarantee clause and the signature of Reserve Bank of India Governor, Urjit Patel.
• It has Swachh Bharat logo printed on the reverse.
• Its security thread will change from green to blue when tilted.
• It has Ashoka pillar emblem on the right.
• It also has the numeral value of 500 written in Devnagari script.
• For the visually impaired, it has 500 written in Braille in a circle on the right and bleed lines on both sides in raised print.
While Bhopal was the first city to get a peek at the new 500s, SBI banks in Delhi and Mumbai are also expected to start giving out the notes soon. In fact, some ATMs of the bank have already been recalibrated to support the new currency.
Besides this, the Reserve Bank of India has directed all banks to waive off extra-charges levied on transactions from their ATMs as well as others. The waiver will be applicable till 30 December 2016.