KOCHI: Bank counters in the city experienced a lacklustre response on the first day of exchanging Rs 2,000 denomination notes on Tuesday. Only a few individuals approached the bank counters to exchange their Rs 2,000 currency notes.
Various banks in the city, including SBI, Federal Bank, and South Indian Bank, witnessed the presence of barely 10 customers on Tuesday. Most people came to exchange smaller amounts of notes.
A manager at Indian Bank in Kochi explained, “Only a few people visited the branch to exchange the currency notes. When new notes were introduced during demonetisation, people were aware that the newly announced notes would be withdrawn soon. Consequently, the circulation of Rs 2,000 denomination notes has been low, especially in recent times.”
The officer added, “Considering the scarcity of Rs 2,000 notes, we didn’t anticipate a significant turnout. Hence, no special arrangements were made at the branch.”
At an SBI branch in Kochi, nearly 15 individuals approached the counter to exchange their notes. An SBI bank manager, who preferred to remain anonymous, commented, “Since the deadline for exchanging the notes is September 30, many have likely postponed their visits. This may explain the low number of notes exchanged on the first day.”
An officer of the Federal Bank mentioned that a majority of Rs 2,000 denomination notes are held by traders. “The usage of currency notes in transactions has significantly declined. Most people prefer using UPI and other digital payment methods, which also contributes to the reduced rush at bank branches. People are not overly concerned,” he stated.