With banks closed for the next three days in many cities, banks in India expects a huge rush on Tuesday due to the huge demand for cash ahead of three-day leave.

Banks will remain closed for three days continuously on account of the public holiday of Eid-e- Milad on Monday.

Even after demonetization move announced on November, 8, people are continuously thronging banks to deposit old currency notes of Rs 500 and Rs 1000 into their accounts.

To promote digital transactions amid cash crunch following the withdrawal of old Rs 500 and 1,000 banknotes, the government has waived off service tax on debit and credit card transactions of up to Rs 2,000 on Friday.

To promote cashless transactions government has also given a slew of discounts from buying petrol to insurance and railway tickets through the digital mode.