Day 1 of ₹2,000 Note Exchange Observed Low Rush at Banks: Customers Finding Alternative Ways
- Posted on May 24, 2023
- By Top Stories
- 40 Views
On May 19, the RBI declared that the ₹2,000 notes would no longer be in circulation, and people were directed to either exchange or deposit them before September 30. Despite the commencement of deposit and exchange procedures, there was not a considerable surge observed at the banks on the initial day.
Numerous patrons had a limited quantity of ₹2,000 bills to deposit, and several financial institutions refrained from initiating the currency exchange service that day owing to inadequate directives from their corporate headquarters.
Several banks in various cities of India have reported that there has been a comparatively low number of customers who are visiting to deposit or exchange their ₹2,000 notes. Several customers expressed dissatisfaction as some banks were solely accepting deposits without permitting any exchanges.
A cashier at a bank branch declined to exchange notes at first, informing customers to deposit the cash instead due to a lack of guidelines.
Nevertheless, in the case of certain customers insisting on a substitution, they were requested to present a form of identification.
The bank officials were taken aback by the scanty number of visitors and linked it to the customers' opportunity to swap their notes until the end of September.
Some banks were expecting a larger number of customers and made necessary arrangements to exchange notes per RBI regulations. Some branches restricted their services to deposit transactions only, whereas other branches permitted exchanges to be conducted at the standard cash counters.
Customers had to complete forms and present identification for verification before exchanging notes.
Although banks had a comparatively small clientele, petrol stations encountered a substantial volume of ₹2,000 currency notes. Observations show that individuals have been utilizing these banknotes to buy limited quantities of fuel, resulting in a marked rise in the frequency of receiving ₹2,000 currency notes at petrol stations as compared to typical days.
In general, there wasn't a significant influx of customers at banks on the initial day of depositing or exchanging the new ₹2,000 notes as only a modest number of people arrived. The banks exhibited various methodologies towards the process, and certain ones faced obstacles caused by a dearth of precise instructions.
Customers were given sufficient time until September 30 to carry out the exchange, which resulted in a peaceful scenario at banks.
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