MUMBAI: The banks will start exchanging Rs 2,000 note from their anxious holders, marking the end of term for the currency which was launched in 2016. Banks have made special arrangements to meet the rush of customers. The Reserve Bank of India (RBI), on Friday, had announced the withdrawal of Rs 2000 notes from the system and had set May 23 as a start ing date to exchange or deposit the notes.
Bankers are promising a smooth experience for customers by providing shades and drinking water, creating separate counters and windows for this purpose. “We are fully ready for the customers who will come to exchange the currency from tomorrow (May 23, 2023) and all the preparations are now complete. The rush of customers this time coming to exchange notes is expected to be less than compared to crowd seen last time at the time of demonetisation in 2016,” Joydeep Dutta Roy, executive director, Bank of Baroda, told this newspaper.
“There will be separate counters for exchanging and depositing the notes. Customers will not face any difficulty in exchanging and depositing the currency,” he added. The central bank, on Monday, asked the banks to provide suitable facilities like shaded waiting space, drinking water to customers coming to exchange or deposit Rs 2,000 notes. The RBI has asked banks to make necessary arrangements for customers considering high temperatures in various parts of the country.
“Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc. considering the summer season,” said RBI in a notification on Monday. “The facility of exchange of Rs 2000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier,” it added.
The rush of customers to exchange notes will not be as huge as witnessed after demonetisation announced in 2016. However, banks are expecting there may be queues in branches in semi urban and rural areas. According to the RBI, banks will have to maintain daily data with details such as amount of Rs 2000 notes exchanged, deposited and the total amount.
The apex bank on Friday gave public time till September 30 to either deposit such notes in accounts or exchange them at banks. Customers can deposit Rs 2000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch.
In order to ensure smooth operations and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000
Exchanging notes
A person can exchange maximum 10 notes at a time
Banks will provide appropriate facilities to customers
No form to be filled to exchange/deposit notes
No identity proof required to exchange/deposit notes
RBI has urged public to exchange/deposit notes by Sept 30
Rs 2,000 note will remain valid (or legal tender) even after Sept 30
Banks expect less rush this time
The rush of customers this time coming to exchange notes is expected to be less than compared to crowd seen last time at the time of demonetisation in 2016. Banks are expecting there may be queues in branches in semi urban and rural areas