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Provide adequate infra at branches for Rs 2,000 note exchange

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The facility to exchange Rs 2,000 banknotes across the counter should continue as it was earlier and banks must provide appropriate infrastructure at all branches to customers, the Reserve Bank of India (RBI) said in a notification on Monday.

It said that the note will continue to remain legal tender.

“The facility of exchange of Rs 2,000 banknotes across the counter shall be provided to the public in the usual manner, that is, as was being provided earlier,” it said. “Banks are advised to provide appropriate infrastructure at the branches such as shaded waiting space, drinking water facilities, etc considering the summer season.”

It added that banks must also maintain daily data on deposits and exchange of these banknotes in a format that contains the bank name, date of exchange, amount of Rs 2,000 notes exchanged, and the amount of Rs 2,000 deposited.

Addressing the media on Monday, RBI governor Shaktikanta Das said that after September 30, the further decision will be taken based on the number of notes deposited in the country’s banking system.

“It will be our endeavour to address the difficulty of people,” he said.  

He added that this step is part of RBI’s currency management operations. 

This comes days after the central bank announced that it shall withdraw Rs 2,000 notes completely from circulation in the economy by September 30, under its “Clean Note Policy”. However, the note continues to be legal tender.

“With a view to minimise inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, all banks may exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at a time,” it said.

However, the customers are allowed to deposit Rs 2,000 notes into accounts in the usual manner.

“The facility for exchange of Rs 2,000 banknotes shall be provided to all members of the public by all banks through their branches,” it said.


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