Massive crowds lined up outside bank branches and trade remained sluggish across the country on Thursday as the government scrambled to ease the transition from old currency to new. "We have witnessed a more than three-time increase in footfalls at branches today and an over five-fold rise in the number of cash transactions," said ICICI Bank MD Chanda Kochhar. At branches, the queues moved slowly as cashiers laboriously counted out notes of lower denominations adding up to either Rs 4,000 in case of an exchange, or Rs 10,000 in case of withdrawals. For many, waits of up to five to six hours were exercises in futility as branches ran out of cash.

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