Banks to take one-day break from currency exchange on Saturday

The Indian Banking Association (IBA) has implemented a one-day ban on over the counter exchange of old Rs 500 and Rs 1,000 notes on Saturday. Only the older citizens will be permitted to exchange old currencies tomorrow. The IBA said the move is to help banks to concentrate on other customer issues. The break from exchange has been taken keeping the government in loop, Rajeev Rishi, Head of IBA told CNBC-TV18. He added that the intend is to take care of existing customers, who are getting neglected due to complete focus on currency exchange.Rishi also reiterated that there is no currency shortage in the system. Watch video for more..