RBI Announces 97% of Rs 2,000 Notes Returned to Banking System
The Reserve Bank of India (RBI) disclosed that a staggering 97% of the Rs 2,000 denomination bank notes, amounting to Rs 3.56 lakh crore, have been successfully returned to the banking system following their withdrawal on May 19, 2023. This significant development reflects the efficient process of currency demonetization initiated by the RBI. As of October 31, 2023, a mere Rs 10,000 crore worth of these notes remain in circulation among the public.
The RBI has taken steps to facilitate the seamless transition for individuals holding the remaining Rs 2,000 notes. The central bank has made provisions for the public to deposit or exchange these notes at 19 designated RBI offices situated across the country. Moreover, to further simplify the process, the RBI has urged citizens to leverage the services provided by India Post, enabling them to send the Rs 2,000 bank notes through post offices. This measure has been introduced to eliminate the need for individuals to travel to RBI offices for depositing or exchanging the currency, thereby ensuring a more convenient experience.
Despite the discontinuation of deposit and exchange services at bank branches on October 7, long queues persist outside RBI offices, with people eager to complete the exchange process. The 19 RBI offices involved in the depositing and exchanging of these notes are spread across major cities like Mumbai, Delhi, Bangalore, Chennai, and Kolkata, among others. The Rs 2,000 bank notes were initially introduced in November 2016 after the demonetization of the existing Rs 1,000 and Rs 500 bank notes, marking a significant chapter in India’s financial history.
