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76% Of Rs 2,000 Notes Returned To Banks: RBI

  • Posted on July 3, 2023
  • News
  • By Ishna
RBI , TSW News, Latest News

In an intriguing revelation, the Reserve Bank of India (RBI) disclosed that a staggering 76% of the ₹2,000 notes in circulation have made their way back to banks. This significant portion primarily came through deposits, as per the central bank's statement on Monday.

76% Of Rs 2,000 Notes Returned To Banks
Image used for representational purpose only. | Photo Credit: Ragu R. Caption

To recall, on May 19, the RBI declared the withdrawal of the ₹2,000 notes from circulation, granting the public time until September 30 to either deposit these currency notes in their bank accounts or exchange them for other denominations.

The data compiled from banks revealed that the cumulative value of returned ₹2,000 bank notes amounted to ₹2.72 lakh crore by June 30, 2023, subsequent to the announcement made in May. Consequently, as of the close of business on June 30, the ₹2,000 bank notes remaining in circulation stood at ₹0.84 lakh crore, as confirmed by the central bank.

76% Of Rs 2,000 Notes Returned To Banks: RBI
The Reserve Bank of India (RBI) disclosed that a staggering 76% of the ₹2,000 notes

Analysis of the collected data from major banks unveiled that out of the total ₹2,000 banknotes returned, approximately 87% were in the form of deposits, while the remaining 13% had been exchanged for banknotes of other denominations.

This revelation underscores the substantial impact of the withdrawal announcement, leading to a significant reduction in the circulation of ₹2,000 notes, thereby reshaping the monetary landscape of the country.

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