After the Reserve Bank of India (RBI) recently announced the withdrawal of Rs 2,000 denomination banknotes from circulation, a significant number of notes have already been exchanged.
Dinesh Kumar Khara, Chairman of the State Bank of India (SBI), shared with the media that the public sector bank has deposited or exchanged an estimated Rs 17,000 crore worth of Rs 2,000 notes.
During a press conference at GIFT City on Monday, Khara revealed that Rs 3,000 crore has been exchanged, while Rs 14,000 crore has been deposited into bank accounts.
Currently, the bank holds approximately 20% of the market’s Rs 2,000 notes.
While the Rs 2,000 notes are no longer being circulated as of May 19, they remain legal tender.
The RBI has instructed banks to cease issuing Rs 2,000 denomination banknotes immediately.
According to the RBI, individuals can deposit their Rs 2,000 banknotes in their accounts or exchange them for notes of different denominations at any bank branch until September 30, 2023.
