What changed
RBI issued a follow-up circular on May 22, 2023, reiterating that the ₹2000 banknote exchange facility should continue in the usual manner. Banks are now explicitly required to set up branch infrastructure for summer comfort and maintain daily records of deposits and exchanges in a specified format.
What it means for you
Banks must ensure seamless counter service for ₹2000 note exchange without any change in procedure. The summer infrastructure mandate adds operational costs but is critical for customer convenience. Daily data tracking will enable RBI to monitor the withdrawal progress and may lead to further compliance checks.
What you must do
- Continue over-the-counter exchange of ₹2000 notes exactly as before, without any new restrictions.
- Set up shaded waiting areas and drinking water facilities at branches, especially given the summer season.
- Maintain daily records of ₹2000 notes exchanged and deposited in the prescribed format.
- Submit the daily data to RBI promptly whenever called for.
Who it affects
All scheduled commercial banks, Branch operations teams, Retail banking customers exchanging ₹2000 notes
Can banks refuse to exchange ₹2000 notes over the counter?
No. RBI has directed that the exchange facility must be provided in the usual manner as before. Banks cannot refuse or alter the process.
What infrastructure must banks provide at branches?
Banks must arrange shaded waiting space and drinking water facilities, considering the summer season, to ensure customer comfort during exchange.
How should banks report the ₹2000 note data?
Banks must maintain daily data on the amount of ₹2000 notes exchanged and deposited in the format specified by RBI, and submit it when called for.