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Banks did not witness a rush of customers queuing up to exchange their Rs 2,000 currency notes after the Reserve Bank of India decided to pull them out of circulation.
There were very few people to either deposit or exchange the banknotes at branches in Mumbai and Delhi visited by BQ Prime reporters.
Even the exchange facility at the RBI, which opened on Tuesday, has so far not found many takers.
The RBI on Friday announced the withdrawal of Rs 2,000 currency notes from circulation. While the notes continue to be legal tender, the RBI asked the citizens to exchange the Rs 2,000 notes by Sept. 30.
Still, banks are unlikely to accept the notes for deposits or exchange after Sept. 30, a person with knowledge of the matter told BQ Prime.
Those holding Rs 2,000 currency notes after Sept. 30 may have to approach the Reserve Bank of India's regional offices to exchange them, the person added.
Even the banks near Kurla depot in Mumbai did not witness any rush, in the form of long queues that extend outside the bank, from people trying to get their Rs 2,000 currency notes deposited.
People queue to exchange their Rs 2,000 notes at State Bank Of India's Fort area branch in Mumbai.
People queue to exchange their Rs 2,000 notes at State Bank Of India's Fort area branch in Mumbai.
The bank branches in Dwarka sector-12 did not witness any crowd or queues of people standing to deposit their Rs 2,000 currency notes.
The bank branches in Dwarka sector-12 did not witness any crowd or queues of people standing to deposit their Rs 2,000 currency notes.
The banks in Mumbai's Fort region also witnessed no rush.
The banks in Mumbai's Fort region also witnessed no rush.
The entrance of branches of Kotak Mahindra Bank, Axis Bank, Indian Overseas Bank, ICICI Bank in Gurugram, Haryana remained devoid of long queues, crowd and chaos with people scrambling to deposit their Rs 2,000 currency notes.
The entrance of branches of Kotak Mahindra Bank, Axis Bank, Indian Overseas Bank, ICICI Bank in Gurugram, Haryana remained devoid of long queues, crowd and chaos with people scrambling to deposit their Rs 2,000 currency notes.
Bank branches have started opening in the suburban region of Mumbai's Ghatkopar, however, there is no line or crowd as of now.
Bank branches have started opening in the suburban region of Mumbai's Ghatkopar, however, there is no line or crowd as of now.
Bank branches have started opening in the suburban region of Mumbai's Ghatkopar, however, there is no line or crowd as of now.
Bank branches have started opening in the suburban region of Mumbai's Ghatkopar, however, there is no line or crowd as of now.
Banks will open exchange windows for Rs 2000 banknotes on Tuesday, May 23, four days after the Reserve Bank of India announced the withdrawal of the denomination from circulation.
The facility to exchange Rs 2,000 currency notes for smaller denominations will remain in effect till Sept. 30.
The Rs 2,000 notes—currently the highest denomination in circulation—will remain legal tender even after the 134-day window ends, the RBI has assured. Apart from bank branches, people can avail of the exchange facility at 19 regional offices of the RBI, which have issue departments and business correspondents.
Notes worth Rs 20,000 can be exchanged via bank branches in one go, whereas there is a daily limit of Rs 4,000 per account holder for exchange through business correspondents.
Rolled out after the 2016 demonetisation of Rs 500 and Rs 1,000, printing of the Rs 2,000 notes was stopped in 2018–19 as part of the central bank's plan to phase it out.
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