The Reserve Bank of India (RBI) has instructed banks to establish suitable infrastructure at their branches to facilitate a seamless exchange process for Rs 2,000 banknotes. This directive comes in light of the summer season and aims to enhance customer convenience during the exchange procedure.
Banks have been advised to provide amenities such as shaded waiting spaces and drinking water facilities at their branches. By doing so, the RBI intends to ensure that individuals exchanging their Rs 2,000 banknotes have a comfortable experience and minimal inconvenience during the transaction.
The RBI has declared the withdrawal of Rs 2,000 denomination banknotes from circulation. Despite the withdrawal, these banknotes will continue to be recognized as legal tender. The circular, issued on May 19, 2023, outlines the guidelines for the exchange and deposit of Rs 2,000 banknotes.
Banks are expected to maintain daily records of the deposit and exchange of Rs 2,000 banknotes using the specified format provided in the circular. This data should be submitted to the RBI as and when requested.
