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Business News/ News / India/  2000 notes exchange: Day after RBI clarification, banks begin process nationwide

Anticipating a rush to exchange 2,000 notes for smaller denominations starting today, May 23, banks have geared up to tackle the crowd with dedicated counters, officials said on Monday. The RBI has already issued a standard operating procedure (SOP) to banks to streamline the process.

"Do not rush to banks:" RBI Governor

RBI Governor Shaktikanta Das on Monday reiterated that 2000 notes will continue to be a legal lender, after the central bank's announcement that the notes will be withdrawn from circulation. He also said he doesn't expect a rush in the branches and urged people to not rush to banks.

SBI guidelines for the exchange of 2000 notes

The country's largest public sector bank by assets, the State Bank of India (SBI), has issued a guideline to all its branches saying that no form or identity proof should be asked for from customers to exchange 2,000 currency notes, even as it underlined the one-time limit of 20,000 for depositing or exchanging the banknote.

PNB clarifies Aadhar, ID cards not required to exchange 2000 notes

Punjab National Bank on Tuesday said there is no need for an Aadhaar card and no official verified documents while exchanging 2000 currency notes. The lender has instructed its branches and also clarified that there is no need to fill out any form.

The bank informed ANI, "No Aadhaar card, no official verified documents (OVD) required, no need to fill any form is the current instruction to all the branches of PNB," after old forms were circulated online seeking additional personal information for exchanging 2000 currency note.

Step-by-step guide to exchange 2000 notes 

1)Reach your nearest branch of any bank starting today, 23 May, 2023 to deposit or exchange your 2000 notes.

2) The bank will provide you with a request slip which needs to be duly filled.

3) When done, you need to submit the form along with the 2000 currency notes to get them exchanged.

Exchange Limits

You can exchange 2000 notes up to a limit of 20,000 at a time. 

Deposit Limits

People can deposit 2000 notes without restrictions subject to compliance with extant Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements.

RBI notification on 2000 notes withdrawal

According to RBI’s Friday notification, people have been given time from May 23 to September 30 to exchange or deposit 2,000 notes so that these can be withdrawn from circulation. These notes will continue to be legal tender even after the September 30 deadline, and can be used for transactions, the central bank had clarified.

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Sangeeta Ojha
A business media enthusiast. Writes on personal finance, business and banking.
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Updated: 23 May 2023, 02:54 PM IST
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