The State Bank of India, which is the largest and multinational public sector bank of India has received Rs 2,000 notes of the value of Rs 14,000 crore in the form of deposit. The confirmation was given by SBI Chairman Dinesh Kumar Khara during the event of SBI’s foreign currency bonds listing at GIFT-IFSC in Gandhinagar, Gujarat.
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The announcement came after the Reserve Bank of India made a move to take back the high-value currency notes from public circulation by the end of September 2023. As per a media portal, Khara said that around Rs 14,000 crore has been deposited in the accounts, whereas notes worth Rs 3,000 crore have been exchanged from the branch network. He also mentioned how the amount is just 20% of the market.
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On 19 May 2023, the Reserve Bank of India shocked everyone when it announced that it has withdrawn circulation of Rs 2,000 banknotes. However, the notes of Rs 2,000 will still continue to be legal tender. The fact that the notes will continue to be legal tender and also the time period given for the exchange of such notes has removed the anxiety among people’s minds.
In November 2016, the Reserve Bank of India launched Rs 2,000 banknotes so that they could fulfill the currency needs of the economy. This move came after the demonetization of all Rs 500 and Rs 1,000 denomination banknotes was announced.
In related news, customers are standing in long queues at bank branches, be it the public sector or private sector in recent days. Customers and bank officials are anxious and have asked for the RBI to come up with a uniform code for all banks to get the exchange of Rs 2000 notes done. Private and foreign banks have made it compulsory for customers who are non-account holders to show their identity proof if they want such notes to be exchanged.
Whereas, the public sector banks have taken up different approaches to get the Rs 2000 banknotes exchanged from non-account holders.
Among the public sector banks, the State Bank of India is leading the position in getting the exchange of Rs 2000 notes done at its branches without asking for any identity proof. Union Bank of India, however, is asking for identity proof to be brought from the non-account holders only at the time of banknotes exchange. Bank of India, on the other hand, is making a note of the names and mobile numbers. However, all three banks are not asking to fill up any requisition slip to get the notes exchanged.
A similar anxiety-like situation happened during 2016-17 when the demonetization drive of banning Rs 500 and Rs 1000 notes was announced. Public, bank customers, and bank officials were really disturbed and irritated by such surprise moves by the government which said that such checks are done to keep corruption away from the system. However, experts and opposition leaders have always argued about the uncertainty of the currency notes if they are changed or altered frequently.
