All banks to remain closed on November 9; Some ATMs may also be affected

All public, private and foreign banks will remain closed in India on November 9 to prepare for major currency overhaul announced by Prime Minister Narendra Modi on Tuesday night. 

The ATMs operations will also be affected in several regions. However, online transaction, and debit and credit cards will work on machines as before. 

In a major assault on black money and corruption in India, Prime Minister Narendra Modi on Tuesday announced demonetisation of Rs 500 and Rs 1000 currency notes. 

Banks will remain closed for a day on Nov 9 to reconfigure the cash flow to valid bank notes and plan for a long haul of currency note deposit and exchange over next 50 days. 

Also read |   Rs 500, Rs 1000 banned: What will banks do to make currency transaction smooth

After the annoucement, a rush of people was registered at the ATM machines across the nation to deposit baned currency and withdraw smaller denominations, forcing many banks to shutter down their ATMs. 

Also read | People throng ATMs to withdraw Rs 100 notes to meet daily expenses