Current · Source: Reserve Bank of India · RBI/2026-27/107 · issued 09 Jun 2026 · ~1 min read
Quick answerRBI has consolidated all past circulars on the withdrawal of ₹2000 banknotes. The notes remain legal tender. Exchange/deposit is now only at 19 RBI offices, not bank branches. No new policy changes; this is a clean-up of earlier instructions.
The rule, in the simplest words
₹2000 notes are still legal tender (they must be accepted for payments and deposits).
Bank branches no longer exchange or take back ₹2000 notes; only the 19 RBI Issue Offices can do that.
The RBI has put all earlier instructions together in one circular, so nothing new has changed besides the location of exchange.
Branch staff must tell customers to go to the nearest RBI Issue Office for exchange/deposit and update their internal guides.
How it plays out — a real example
Ramesh, a senior cash officer at a branch in Mumbai, warmly greets a customer who wants to swap his ₹2000 notes. He explains that the bank can still accept the notes for deposit, but the exchange can only be done at the RBI Issue Office in Mumbai, and he points the customer to the office’s address.
What changed
RBI issued a consolidated circular bringing together all previous instructions on the ₹2000 note withdrawal. The key operational change is that since October 9, 2023, exchange/deposit is available only at 19 RBI Issue Offices, not at bank branches. The notes continue to be legal tender.
What it means for you
Banks no longer handle ₹2000 note exchange/deposit for the public; that function is centralized at RBI offices. The consolidation simplifies compliance by providing a single reference document.
What you must do
Update internal circulars and staff training materials to reference this consolidated instruction.
Ensure branch staff know that ₹2000 notes remain legal tender and must be accepted for deposits and transactions.
Direct customers seeking exchange/deposit of ₹2000 notes to the nearest RBI Issue Office from the list of 19 locations.
Withdraw any outdated internal procedures that still reference bank-level exchange facilities.
Who it affects
All scheduled commercial banks, Bank branch staff handling cash transactions, Customers holding ₹2000 denomination notes
❓ Common questions
Are ₹2000 notes still legal tender?
Yes, the RBI circular confirms that ₹2000 denomination banknotes continue to be legal tender.
Where can customers exchange or deposit ₹2000 notes now?
Since October 9, 2023, exchange/deposit is available only at the 19 RBI Issue Offices listed in the circular. Bank branches no longer offer this facility.
Does this circular introduce any new rules?
No, it consolidates all previous instructions on the withdrawal of ₹2000 notes. No new policy changes are introduced.
📜 Read the original circular — full text as issued by RBI
RBI/2026-27/107
DCM(Plg) No.S736/10.02.060/2026-27
June 09, 2026
The Chairman / Managing Director / Chief Executive Officer
All Banks
Madam / Dear Sir,
Withdrawal of ₹2000 Denomination Banknotes from circulation: Consolidation of instructions
The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934. Thereafter, in pursuance of the “Clean Note Policy” of the Reserve Bank of India, on May 19, 2023 , it was decided to withdraw ₹2000 denomination banknotes from circulation.
2. Facility for exchange/ deposit of the ₹2000 denomination banknotes was extended to members of the public through bank branches across the country till October 07, 2023. Since October 09, 2023, the facility for exchange/ deposit of the ₹2000 banknotes is available for individuals / entities at the 19 RBI Issue Offices 1 , and the same shall be available till further advice. ₹2000 denomination banknotes continue to be legal tender.
3. This consolidates the instructions issued earlier on the subject, as detailed hereunder 2 .
Yours faithfully
(Sanjeev Prakash)
Chief General Manager-In-Charge
1 Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna and Thiruvananthapuram
2 Related notifications:
SL.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2026-27/107 · issued 09 Jun 2026. The plain-English explanation above is BankPulse’s own independent summary.
Ensure branch staff know that ₹2000 notes remain legal tender and must be accepted for deposits and transactions.
📜 Compliance
Update internal circulars and staff training materials to reference this consolidated instruction.
Direct customers seeking exchange/deposit of ₹2000 notes to the nearest RBI Issue Office from the list of 19 locations.
Withdraw any outdated internal procedures that still reference bank-level exchange facilities.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks, Bank branch staff handling cash transactions, Customers holding ₹2000 denomination notes), your first concrete step on “₹2000 Note Withdrawal: Consolidated Instructions” is: “Update internal circulars and staff training materials to reference this consolidated instruction.” (RBI issued this 09 Jun 2026).
Action required: Update internal circulars and staff training materials to reference this consolidated instruction.
Action required: Ensure branch staff know that ₹2000 notes remain legal tender and must be accepted for deposits and transactions.
Action required: Direct customers seeking exchange/deposit of ₹2000 notes to the nearest RBI Issue Office from the list of 19 locations.
Action required: Withdraw any outdated internal procedures that still reference bank-level exchange facilities.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 01 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=13476&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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