New Delhi: State Bank of India (SBI) issued a notice to announce that the facility of exchange of Rs 2000 denomination bank notes will be allowed without obtaining any requisition slip. This step has been taken for smooth transactions at bank and as SBI does not want the public to face any problems.
Reserve Bank of India (RBI) announced that it has withdrawn the Rs 2000 currency notes from circulation and has opened a window a for the public to exchange the bank notes up to the limit of Rs 20,000 with banks. However, as per the announcement the Rs 2000 notes will continue to be legal tenders.
SBI clarifies that the facility of exchange of Rs 2000 denomination bank notes upto a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip pic.twitter.com/TP6t2n9oeJ
— ANI (@ANI) May 21, 2023
SBI in its latest circular informed its branches to allow the exchange of notes to happen without the customers filling up the requisition slip to make the process easier and less time consuming. SBI asked its branches to extend cooperation to the public and avoid any inconvenience in the process.
Public facing inconvenience and standing in long queues in banks was a big complaint during the 2016 demonetisation. SBI is taking such steps to overcome the time consuming process of exchanging or depositing Rs 2000 notes.
RBI asked the banks to stop issuing Rs 2,000 banknotes with immediate effect and had already reduced the number of Rs 2000 notes in ATMs. Banks and 19 Regional Offices of RBI will provide deposit or exchange facilities from May 23 to September 30, up to a limit of Rs 20,000 as per the RBI guidelines. The decision was taken under the Central Bank’s ‘Clean Notes Policy’.
RBI noted that the objective of introducing Rs 2,000 bank notes was met and other denominations were in circulation in adequate quantities. The Central Bank also took the decision in the light of Rs 2000 notes not commonly being used for transactions.