New Delhi: In order to bring convenience for the people who need to carry out bank transactions in the aftermath of demonetizing Rs 500 and 1,000 notes, the Reserve Bank of India (RBI) on Wednesday said that banks will remain open for public on Saturday (November 12) and Sunday (November 13).

Prime Minister Narendra Modi on Tuesday in his address to the nation had announced that Rs 500 and Rs 1,000 notes will be of no value effective Tuesday midnight. This bold move was taken by the government as a crackdown on black money and corruption as the usage of fake currency notes was increasing in the financial system.

However, PM Modi said that there was no need to panic as people will be able to deposit or exchange Rs 500 and Rs 1,000 notes with new Rs 500 and Rs 2,000 notes from any bank or Post Office through their accounts or showing their ID proofs, effective from November 10.