Following the clarification from the Reserve Bank of India (RBI) regarding the exchange of 2000 rupee notes, banks across the country have commenced the nationwide process.

Exchange of 2000 rupee notes: Following the RBI Governor’s assurance that there won’t be a rush at bank branches, and urging people not to rush to banks, the process for exchanging 2000 rupee notes has begun nationwide. The RBI has issued a standard operating procedure (SOP) to banks to streamline the exchange process.

Preparations to tackle crowds: Banks have made arrangements to handle the expected rush for exchanging 2000 rupee notes into smaller denominations. Dedicated counters have been set up to manage the crowd effectively, as per officials’ statements.

RBI guidelines and SBI’s approach: The RBI Governor, Shaktikanta Das, reaffirmed that 2000 rupee notes would remain legal tender, despite the announcement of their withdrawal from circulation. The State Bank of India (SBI), the largest public sector bank in the country, has instructed its branches not to ask customers for any form or identity proof while exchanging 2000 rupee notes, with a one-time limit of 20,000 rupees for depositing or exchanging the banknotes. Other banks may require identification proof from customers of other banks, as reported.

Step-by-step exchange process: To exchange 2000 rupee notes, individuals need to visit their nearest bank branch, fill out a request slip provided by the bank, and submit the form along with the notes for exchange. The limit for exchanging 2000 rupee notes is set at 20,000 rupees per transaction.

Deposit limits and RBI’s notification: Individuals can deposit 2000 rupee notes without restrictions, subject to compliance with Know Your Customer (KYC) norms and other applicable statutory/regulatory requirements. According to the RBI’s notification, people have time from May 23 to September 30 to exchange or deposit 2000 rupee notes. These notes will remain legal tender even after September 30 and can be used for transactions, as clarified by the central bank.

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