RBI’s Big Withdrawal: Nearly All ₹2,000 Notes Back in Banks!

RBI-2000 note

New Delhi: In a significant financial update from New Delhi, the Reserve Bank of India (RBI) has announced a major development concerning the ₹2000 currency note. As of Monday, April 1, the RBI has reported that a staggering 97.69% of ₹2,000 notes have been returned to the banking system. The remaining notes in circulation are valued at ₹8,202 crore, a sharp decline from the ₹3.56 lakh crore reported on May 19, 2023, when the RBI decided to phase out the ₹2,000 denomination from circulation.

The RBI’s statement detailed that the total value of ₹2,000 notes in circulation as of March 29, 2024, has plummeted to just ₹8,202 crore. This dramatic reduction signifies that 97.69% of the ₹2,000 notes that were in circulation on May 19, 2023, have been successfully returned to the banks.

To facilitate the return of these high-denomination notes, the RBI has made provisions for individuals to deposit or exchange ₹2,000 banknotes at 19 designated RBI offices nationwide. Additionally, the public has the option to send ₹2,000 bank notes via India Post to any RBI issue office for deposit into their bank accounts. Initially, noteholders were instructed to exchange or deposit the notes by September 30, 2023. However, recognizing the need for more time, the deadline was extended to October 7, 2023, after which the deposit and exchange services at bank branches were concluded.

2000 Note

For those still in possession of the ₹2,000 notes, the RBI has listed 19 offices across the country where the notes can be exchanged or deposited directly into bank accounts starting from October 8, 2023. These offices are strategically located in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram, ensuring accessible services for all.

This move by the RBI marks a significant step in the central bank’s efforts to streamline the currency in circulation and promote a more efficient financial ecosystem.