Rs 2,000 note withdrawal: Banks see no rush for exchange, deposit

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The RBI said people could visit bank branches from May 23 to exchange or deposit their Rs 2,000 notes.

Jinit Parmar

Harsh Kumar

Manish M. Suvarna

May 24, 2023

Some banks did see customers coming in to exchange or deposit Rs 2,000 notes but there was no rush for it.

It was business as usual for banks on the first day of accepting Rs 2,000 currency notes that were withdrawn by the Reserve Bank of India (RBI) late last week.

Moneycontrol reporters visited several bank branches in Mumbai and Delhi and observed that there was no rush of people to either deposit or exchange their Rs 2,000 notes.

On May 19, announcing the decision to withdraw the high-value notes, the RBI said people could visit bank branches from May 23 to September 30 to deposit or exchange their Rs 2,000 notes.

“I went to the branch to enquire about Rs 2,000 note exchange. I wanted to know whether there are forms to fill or any other things to do before depositing Rs 2,000 notes,” said an HDFC Bank customer in Mumbai.

Some banks did see some customers coming in to exchange or deposit Rs 2,000 notes but there was no rush for it.

Related stories

Rs 2000 notes cannot be exchanged through Post Offices

Ground Report | No panic in gold jewellery market on Rs 2,000 note withdrawal

First day of Rs 2,000 note exchange: Small queues seen at some branches

“We had some customers who wanted to deposit their Rs 2,000 notes. But only 3-4 of them came today,” said the branch manager of a bank, who did not wish to be named.

Also read:  From 1946 to 2023, a timeline of demonetisation and rupee note withdrawals in India

Another manager with a public sector bank said: "We have made a separate counter for exchanging these notes. We have also arranged a drinking water facility and proper sitting arrangements. We are expecting more customers in the coming days, so we have arranged the facilities accordingly."

Form mandatory in some banks

Some customers did raise issues with the exchange process. A customer with a public sector bank said that when he went to deposit his Rs 2,000 note, a bank representative told him to fill out a form.

Also read:  Ground Report | No panic in gold jewellery market on Rs 2,000 note withdrawal

“I was told to fill out a form that required Aadhar card details,” said the customer.

Forms for deposits and exchange

HDFC Bank, Canara Bank, Indian Bank, and Bank of Baroda have asked customers to fill out request slips for the exchange of Rs 2,000 bank notes, slips gathered by Moneycontrol showed.

The slip further said that any identity proof such as Aadhar card, Driving Licence, Voter ID Card, Passport, NREGA Card, Pan Card, or letter issued by the National Population Register containing details of name and address to be shown at the counter. HDFC Bank asked to self-attest a copy of any document with the request slip, its form showed.

Also read:  No form or identity proof needed to exchange Rs 2,000 notes, says SBI

Union Bank of India and ICICI Bank asked customers to fill out deposit slips for the exchange of Rs 2000 banknotes at their branches.

Further, one of the executives at the Axis Bank branch at Bhayandar West, Thane, said the bank is only accepting deposits over the counter or in cash deposit machines.

When asked about the exchange of notes, the executive at the branch said, “We have not received any communication from our management for the exchange of notes, once we get an update we will start.”

Similarly, the IDBI Bank branch at Bhayandar, Thane, on May 23 was only exchanging two Rs 2,000 banknotes due to lower cash for exchange at the branch, a senior executive present at the branch told Moneycontrol.

Also read:  MC Explains | What to do with your Rs 2,000 currency notes?

“This is only for today; tomorrow we will have adequate cash and there will not be any problem,” he added. “A lot of people have visited our branch since morning for exchange as well as deposit of these notes. In this branch, for deposit or exchange of Rs 2,000 banknote, only a deposit slip is required.”

Announcements by RBI and banks

The country’s largest public sector bank, State Bank of India (SBI), on May 22 informed all its branches that no form or identity proof would be needed to exchange Rs 2,000 currency notes, even as it reiterated the one-time limit of Rs 20,000 for depositing or exchanging these notes.

RBI Governor Shaktikanta Das on May 22 said that banks will have to arrange adequate facilities for customers coming to deposit or exchange Rs 2,000 notes. “Provide shade and water to those exchanging Rs 2,000 notes,” said Das.

During the visit to several banks, Moneycontrol observed that some banks have made special facilities for customers. For example, a branch of Indian Bank had an exclusive counter for customers coming to exchange or deposit Rs 2,000 notes.

Also read:  RBI to withdraw Rs 2,000 notes: Here is what data shows on currency denominations in circulation

The branch manager of a private bank, on condition of anonymity, said it is still waiting for instructions from the head office to organise additional facilities for people coming to deposit or exchange Rs 2,000 notes.

“We have heard that the RBI has told banks to offer facilities to customers. We are waiting for instructions from our head office,” said the manager.

Withdrawal of notes

The RBI on May 19 said it is withdrawing Rs 2,000 notes from circulation based on a review and as part of a clean note policy. However, the banknotes in Rs 2,000 denomination will continue to be legal tender, the RBI said in a release.

The central bank has advised members of the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch.

"Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions," the RBI said in the release.

Check your money calendar for 2023-24 here and keep your date with your investments, taxes, bills, and all things money.

Jinit Parmar

Harsh Kumar

Manish M. Suvarna

Tags:

#May 23

#new Rs 2000 notes

#RBI Rs 2000

#Rs 2000

#rs 2000 banks

#Rs 2000 notes

#Rs 2000 withdraw

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English. Hindi. Gujarati. Specials. Trending Stocks. Adani Enterpris  INE423A01024, ADANIENT, 512599. Vedanta  INE205A01025, VEDL, 500295. Apple  US0378331005, AAPL:US. Adani Ports  INE742F01042, ADANIPORTS, 532921. Microsoft  US5949181045, MSFT:US. Quotes. Mutual Funds. Commodities. Futures & Options. News. Cryptocurrency. Forum. Notices. Videos. Glossary. All. Hello, Login Hello, Login Log-in or Sign-Up My Account My Profile My Portfolio My Watchlist My Messages My Alerts My Profile My PRO My Portfolio My Watchlist My Messages My Alerts Logout Chat with Us Download App Follow us on: Upgrade. Be a PRO. PRO. Markets HOME INDIAN INDICES STOCK ACTION All Stats Top Gainers Top Losers Only Buyers Only Sellers 52 Week High 52 Week Low Price Shockers Volume Shockers Most Active Stocks GLOBAL MARKETS US MARKETS BIG SHARK PORTFOLIOS ECONOMIC CALENDAR MARKET ACTION Dashboard F&O FII & DII Activity Corporate Action EARNINGS COMMODITY PRE MARKET RESEARCH Advice Broker Research Technicals CURRENCY WEBINAR INTERVIEW SERIES IPO OTHERS Bonds Cryptocurrency Tools. News HOMEPAGE BUSINESS Home Economy Companies Mutual Funds Personal Finance IPO Startups Real Estate SME GEOGRAPHY India World MARKETS Home Stocks Technical Analysis Equity Research Commodity Currency SPECIAL Trends Latest News Opinion TECHNOLOGY Personal Tech Auto Fintech MEDIA Podcast Photos Infographics Videos OTHERS MC Learn Politics Sports Entertainment Travel Lifestyle Health and Fitness Education Science Books. Tech/Startups. Portfolio. Commodities. Mutual Funds EXPLORE Home Find Fund Top Ranked Funds Performance Tracker SIP Performance Tracker ETF Performance NFO Top Performing Categories Learn TOOLS Returns Calculator Lumpsum SIP Balancer Delay Cost Calculator SIP Return MF FORUM TRACK Your MF Investment MF Prices MC 30. Personal Finance EXPLORE Home Investing Insurance Banking Financial Planning Property Tools Video Ask Expert Explainer Tax Filing NPS FIXED DEPOSIT Fixed Deposit Interest Calculator Corporate Deposits TAX Tax-filing Guide Income Tax Calculator Emergency Fund Calculator LOANS & CREDIT CARDS Home Car Loan Calculator Home Loan Calculator Education Loan Calculator Credit Card Debit Payoff Calculator TOOLS Provident Fund Calculator Assets Allocation Planning Debt Reduction Planner Debt Evaluation Calculator Current Expense Calculator MC 30 MC HEALTH INSURANCE RATINGS Upcoming Chat | Previous Transcripts All Schedule | Previous Transcript. Forum EXPLORE FORUM Homepage Membership Rules Forum Topics Ask the Expert Top Boarders USER PROFILE FORUM TOPICS Latest Threads Stocks Index Gold Personal Finance Just Posted MF FORUM POLLS Latest Polls Historical Polls Market Sentiments SUPPORT FAQs Code of Conduct Feedback Write to us. Videos VIDEOS Homepage Videos on Demand Markets with Santo & CJ Morning Trade Commodities chat with Manisha Gupta Let`s Talk Jobs The Tenant Drive Report Bajar Gupshup Bits To Billions PODCAST Homepage Podcast on Demand The Week on Dalal Street Market Minutes MC Special Podcast Simply Save Policy Talks LIVE TV Hindi Gujarati. Invest Now .investNW .sepInvsli a.pdg_btm{ padding-bottom: 46px; } .header_desktop.header1024 .investNW .sepInvsli a.pdg_btm{padding-bottom: 0px;} @media screen and (max-width:1279px) { .investNW .sepInvsli a.pdg_btm{ padding-bottom: 0px; } } Invest in bonds online   Invest in high-rated bonds from as low as Rs. 10,000 Find & Invest in bonds issued by top corporates, PSU Banks, NBFCs, and much more. Invest as low as 10,000 and earn better returns than FD Invest Now   Powered By Find your first bond Find safe & high-yielding bonds for your buck. Discover the right bonds meeting your investment amount & investment horizon Invest Now. Subscription AMBAREESH BALIGA Fundamental, Stock Ideas, Multibaggers & Insights Subscribe CK NARAYAN Stock & Index F&O Trading Calls & Market Analysis Subscribe SUDARSHAN SUKHANI Technical Call, Trading Calls & Insights Subscribe T GNANASEKAR Commodity Trading Calls & Market Analysis Subscribe MECKLAI FINANCIALS Currency Derivatives Trading Calls & Insights Subscribe SHUBHAM AGARWAL Options Trading Advice and Market Analysis Subscribe MARKET SMITH INDIA Model portfolios, Investment Ideas, Guru Screens and Much More Subscribe TraderSmith Proprietary system driven Rule Based Trading calls Subscribe Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas Subscribe Curated markets data, exclusive trading recommendations, Independent equity analysis & actionable investment ideas Explore STOCK REPORTS BY THOMSON REUTERS Details stock report and investment recommendation Subscribe POWER YOUR TRADE Technical and Commodity Calls Subscribe INVESTMENT WATCH Set price, volume and news alerts Subscribe STOCKAXIS EMERGING MARKET LEADERS 15-20 High Growth Stocks primed for price jumps Subscribe. Be a PRO. Business. Markets. Stocks. Economy. Companies. Trends. IPO. Opinion. EV Special. you are here: Home. News. Business. The RBI said people could visit bank branches from May 23 to exchange or deposit their Rs 2,000 notes. Jinit Parmar. Harsh Kumar. Manish M. Suvarna. May 24, 2023. Some banks did see customers coming in to exchange or deposit Rs 2,000 notes but there was no rush for it. It was business as usual for banks on the first day of accepting Rs 2,000 currency notes that were withdrawn by the Reserve Bank of India (RBI) late last week. Moneycontrol reporters visited several bank branches in Mumbai and Delhi and observed that there was no rush of people to either deposit or exchange their Rs 2,000 notes. On May 19, announcing the decision to withdraw the high-value notes, the RBI said people could visit bank branches from May 23 to September 30 to deposit or exchange their Rs 2,000 notes. “I went to the branch to enquire about Rs 2,000 note exchange. I wanted to know whether there are forms to fill or any other things to do before depositing Rs 2,000 notes,” said an HDFC Bank customer in Mumbai. Some banks did see some customers coming in to exchange or deposit Rs 2,000 notes but there was no rush for it. Related stories. Rs 2000 notes cannot be exchanged through Post Offices. Ground Report | No panic in gold jewellery market on Rs 2,000 note withdrawal. First day of Rs 2,000 note exchange: Small queues seen at some branches. “We had some customers who wanted to deposit their Rs 2,000 notes. But only 3-4 of them came today,” said the branch manager of a bank, who did not wish to be named. Also read:  From 1946 to 2023, a timeline of demonetisation and rupee note withdrawals in India. Another manager with a public sector bank said: "We have made a separate counter for exchanging these notes. We have also arranged a drinking water facility and proper sitting arrangements. We are expecting more customers in the coming days, so we have arranged the facilities accordingly." Form mandatory in some banks. Some customers did raise issues with the exchange process. A customer with a public sector bank said that when he went to deposit his Rs 2,000 note, a bank representative told him to fill out a form. Also read:  Ground Report | No panic in gold jewellery market on Rs 2,000 note withdrawal. “I was told to fill out a form that required Aadhar card details,” said the customer. Forms for deposits and exchange. HDFC Bank, Canara Bank, Indian Bank, and Bank of Baroda have asked customers to fill out request slips for the exchange of Rs 2,000 bank notes, slips gathered by Moneycontrol showed. The slip further said that any identity proof such as Aadhar card, Driving Licence, Voter ID Card, Passport, NREGA Card, Pan Card, or letter issued by the National Population Register containing details of name and address to be shown at the counter. HDFC Bank asked to self-attest a copy of any document with the request slip, its form showed. Also read:  No form or identity proof needed to exchange Rs 2,000 notes, says SBI. Union Bank of India and ICICI Bank asked customers to fill out deposit slips for the exchange of Rs 2000 banknotes at their branches. Further, one of the executives at the Axis Bank branch at Bhayandar West, Thane, said the bank is only accepting deposits over the counter or in cash deposit machines. When asked about the exchange of notes, the executive at the branch said, “We have not received any communication from our management for the exchange of notes, once we get an update we will start.” Similarly, the IDBI Bank branch at Bhayandar, Thane, on May 23 was only exchanging two Rs 2,000 banknotes due to lower cash for exchange at the branch, a senior executive present at the branch told Moneycontrol. Also read:  MC Explains | What to do with your Rs 2,000 currency notes? “This is only for today; tomorrow we will have adequate cash and there will not be any problem,” he added. “A lot of people have visited our branch since morning for exchange as well as deposit of these notes. In this branch, for deposit or exchange of Rs 2,000 banknote, only a deposit slip is required.” Announcements by RBI and banks. The country’s largest public sector bank, State Bank of India (SBI), on May 22 informed all its branches that no form or identity proof would be needed to exchange Rs 2,000 currency notes, even as it reiterated the one-time limit of Rs 20,000 for depositing or exchanging these notes. RBI Governor Shaktikanta Das on May 22 said that banks will have to arrange adequate facilities for customers coming to deposit or exchange Rs 2,000 notes. “Provide shade and water to those exchanging Rs 2,000 notes,” said Das. During the visit to several banks, Moneycontrol observed that some banks have made special facilities for customers. For example, a branch of Indian Bank had an exclusive counter for customers coming to exchange or deposit Rs 2,000 notes. Also read:  RBI to withdraw Rs 2,000 notes: Here is what data shows on currency denominations in circulation. The branch manager of a private bank, on condition of anonymity, said it is still waiting for instructions from the head office to organise additional facilities for people coming to deposit or exchange Rs 2,000 notes. “We have heard that the RBI has told banks to offer facilities to customers. We are waiting for instructions from our head office,” said the manager. Withdrawal of notes. The RBI on May 19 said it is withdrawing Rs 2,000 notes from circulation based on a review and as part of a clean note policy. However, the banknotes in Rs 2,000 denomination will continue to be legal tender, the RBI said in a release. The central bank has advised members of the public to deposit Rs 2,000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch. "Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions," the RBI said in the release. Check your money calendar for 2023-24 here and keep your date with your investments, taxes, bills, and all things money. Jinit Parmar. Harsh Kumar. Manish M. Suvarna. Tags: #May 23. #new Rs 2000 notes. #RBI Rs 2000. #Rs 2000. #rs 2000 banks. #Rs 2000 notes. #Rs 2000 withdraw. Trending news. US CEO, who spends $2 million a year on age reversal, now using teen son as 'blood boy' Women take top 4 ranks in UPSC Civil Services Examination 2022. UP petrol pump employee takes back fuel from scooter after customer pays with Rs 2,000 note. Watch. Zimbabwe tops ‘World’s most miserable countries’ list. 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