What changed
Earlier, banks accepted ₹2000 notes for exchange and deposit until 7 Oct 2023. The RBI now restricts that facility to its 19 Issue Offices across the country. The note’s legal‑tender status is unchanged, but the public must use the RBI offices for any cash‑in‑hand transactions.
What it means for you
Banks should stop processing ₹2000‑note exchanges at branch counters and redirect customers to the RBI Issue Offices. Cash‑handling teams must update SOPs and train staff accordingly. The continued legal‑tender status means the notes can still be used for payments, but not for bank‑level cash‑in.
What you must do
- Cease acceptance of ₹2000 notes for exchange or deposit at all branch counters.
- Inform customers that exchanges are now only possible at the 19 RBI Issue Offices and provide the city list.
- Update branch SOPs, teller scripts, and digital channels to reflect the new process.
- Ensure compliance monitoring to avoid inadvertent acceptance of the notes.
Who it affects
All scheduled commercial banks, RBI Issue Offices, General public and businesses holding ₹2000 notes
Can I still use a ₹2000 note to pay for goods or services?
Yes. The note remains legal tender and can be used for any transaction, but it cannot be exchanged or deposited at bank branches.
Where can I exchange or deposit a ₹2000 note now?
Only at the RBI Issue Offices located in Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram.
Do banks have any obligation to accept ₹2000 notes for cash withdrawals?
Banks must honor the note for withdrawals and payments, but they are not required to accept it for cash‑in or exchange; that service is limited to the RBI Issue Offices.