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RBI asks banks to keep daily data on exchange, deposit of Rs 2,000 notes

Mumbai, May 22, 2023

Banks will have to submit the data 'as and when called for', says central bank in notification

The Reserve Bank of India (RBI) has asked banks to maintain daily data when they begin exchanging Rs 2,000 notes from Tuesday, May 23.

Banks have been asked to “"provide appropriate infrastructure" at their branches such as shaded waiting spaces and drinking water considering summers, according to a RBI notification on Monday. Banks will have to submit the data "as and when called for".

The RBI on Friday announced that the Rs 2000 note will be withdrawn but it will continue to be legal tender. People can return them by September 30, 2023.

The printing of Rs 2000 banknotes was stopped in 2018-19, the RBI said while announcing the withdrawal. The share of Rs 2000 note was 37.3 per cent in terms of value in FY18 and fell to 10.8 per cent by the end of FY23.

The Rs 2000 note was introduced in November 2016 after Rs 500 note and Rs 1000 notes were demonetised. The Rs 2000 note was issued primarily to meet the currency requirement of the economy in an expeditious manner.

[The Business Standard]

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