SBI Exchanged Rs 3,000 Cr, Rs 14,000 Cr Deposited So Far: Withdrawal Of Rs 2,000 Denomination Notes
The Reserve Bank of India stopped issuing the Rs 2000 banknotes on May 19, but they will still be accepted as legal tender. RBI encouraged banks to quickly quit giving banknotes having a worth of Rs 2000.
New Delhi: In an interview with the media, State Bank of India (SBI) chairman Dinesh Kumar Khara stated that the public sector bank had either deposited or swapped Rs 2,000 currency notes worth an estimated Rs 17,000 crore, just days after the Reserve Bank of India (RBI) decided to stop issuing Rs 2,000 banknotes.
"A total of Rs 14,000 crore has been deposited in accounts and Rs 3,000 crore has been exchanged. We, taking everything into account, have generally 20% of the market, Khara while talking with columnists on Monday at GIFT City commented.
The Reserve Bank of India stopped issuing the Rs 2,000 banknotes on May 19, but they will still be accepted as legal tender. The Reserve Bank of India instructed banks to immediately cease issuing Rs 2,000 banknotes.
As per the RBI, up until September 30, 2023, individuals will actually want to store Rs 2,000 banknotes into their records or potentially trade them for notes of different groups at any bank office.
Up to a limit of Rs 20,000 at a time, Rs 2,000 banknotes can be exchanged for other denominations of banknotes. The Rs 2,000 banknote exchange service will be provided for free.
According to the RBI, deposits into bank accounts can be made in the usual way, without restrictions and subject to existing instructions and other statutory provisions.
Following the loss of the legal tender status of all Rs 500 and Rs 1,000 banknotes in use at the time, the introduction of the Rs 2,000 denomination banknote in November 2016 largely served to quickly address the economy's need for money.
