Over 98% of ₹2,000 notes returned to banking system: RBI
What's the story
According to the Reserve Bank of India (RBI), 98.18% of ₹2,000 notes have returned to the banking system as of February 28 this year. Only ₹6,471 crore remains in circulation with the public. The central bank had earlier announced the withdrawal of this denomination from circulation on May 19 in 2023.
Stats
Scale of the withdrawal
When the RBI announced the withdrawal of ₹2,000 notes, the total value of these banknotes in circulation was ₹3.56 lakh crore. Now, this number has plummeted to merely ₹6,471 crore according to the central bank's latest update.
Facility
Deposit and exchange facilities for ₹2,000 notes
The RBI had made facilities for deposit and/or exchange of the ₹2,000 banknotes available at all bank branches until October 7, 2023. After this date, the services remain available at 19 issue offices of the Reserve Bank. Since October 9, 2023, RBI issue offices have been accepting ₹2,000 banknotes from individuals and entities for deposit into their bank accounts.
Collaboration
RBI collaborates with India Post for note return
In a bid to ease the return of ₹2,000 notes, the RBI has partnered with India Post. This enables members of the public to send their ₹2,000 banknotes through any post office across the nation to any of the RBI issue offices. The value of the returned notes are credited to their respective bank accounts. Despite being withdrawn from circulation, these ₹2,000 banknotes remain legal tender.