New Delhi: State Bank of India (SBI) Chairman Dinesh Kumar Khara said in an interaction with media persons that public sector banks have deposited or swapped approximately Rs 17,000 crore worth of Rs 2,000 notes just days after the Reserve Bank. of India (RBI) has decided to withdraw Rs 2,000 notes from circulation.
“Rs 3,000 crore has been exchanged and Rs 14,000 crore has been kept in accounts. Generally speaking, we have about 20% of the market, Khara remarked while talking to reporters at GIFT City on Monday.
The Rs 2,000 notes were withdrawn from circulation by the Reserve Bank of India on 19 May, although they will still be accepted as legal tender. RBI has advised banks to stop issuing Rs 2,000 notes immediately.
According to the RBI, till September 30, 2023, people will be able to deposit Rs 2,000 banknotes in their accounts and/or exchange them for notes of other denominations at any bank branch.
Rs 2,000 banknotes can be exchanged for other denominations up to a limit of Rs 20,000 at a time. Exchange facility of Rs 2,000 banknotes will be provided free of charge.
Deposits in bank accounts can be made in the normal manner, i.e. without restrictions and subject to existing instructions and other applicable statutory provisions, RBI said.
The introduction of the Rs 2,000 banknote in November 2016 helped meet the economy’s need for cash after all the Rs 500 and Rs 1,000 notes in use at the time lost their legal tender status.
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