People gather up at banks to swap Rs 2,000 notes

By Consultants Review Team Wednesday, 24 May 2023

BankBanks through the city began depositing and exchanging Rs 2,000 cash. People were seen queuing up in front of the deposit counters of different banks to get the lower denomination notes. The first day of the drill went without a hitch.
An official of a public sector bank said two additional deposit counters were opened at the branch on Fraser Road for the convenience of the customers.
Manager of another bank branch on Ashiana-Digha Road said they did not register any significant rush on Tuesday. “Unlike in 2016 when demonetization was announced, the rush was quite manageable this time. Everything went smoothly on the first day,” she said. Central Bank of India branch manager Swati Kumari said, “Nearly Rs 20 lakh was deposited at our branch in Rs 2,000 denomination . However, only four people had come for exchange. Since the exchange window is long this time, people are not panicking,” she added.
Rahul Kumar, who had exchanged Rs 2,000 notes at an SBI branch, said the process was hassle-free and the bank staff cooperated. “I was only asked to give my contact number,” he added.

However, some bank officials said though the RBI has maintained that there was no need for people to carry their identity cards to the banks for the exchange of Rs 2,000 notes, they have not got any such circular from their banks yet. “There is some confusion in this regard. Though the RBI has asked the banks not to seek ID cards from people, it has also told the banks to keep track of people who deposit their notes. Hence, we are ensuring KYC is complied with,” said a banker.

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