Winning Bizness Desk

Mumbai.Ever since, RBI has started recalling Rs 2000 notes, the SBI has received Rs 2000 notes worth Rs 14,000 crore as deposit. Its Chairman Dinesh Kumar Khara has said this. SBI is India's largest lender. However, other banks' details are yet to be shared. The exchange of notes began on 23rd May 2023. State Bank of India, had received Rs 2,000 currency notes worth Rs 14,000 crore in deposits after the Reserve Bank of India's (RBI) .The announcement was made by SBI's chairman Dinesh Kumar Khara, on the sidelines of SBI's foreign currency bonds listing ceremony at GIFT-IFSC in Gandhinagar.

According Khara, "As per move to withdraw the high-value currency notes from circulation, around Rs 14,000 crore worth of Rs 2,000 currency notes have come into the accounts as deposits, while notes worth Rs 3,000 crore were exchanged through the branch network. Generally, we are about 20 percent of the market."

2000 note petition dismissed in High Court

Meanwhile, the Delhi High Court has dismissed a PIL related to the withdrawal of Rs 2000 notes from the Reserve Bank of India (RBI). The petition challenged the permission to exchange ₹2000 notes without any identity proof. The petition was filed by BJP leader and advocate Ashwini Upadhyay. On Tuesday i.e. May 23, the court had reserved its decision after hearing this. A bench of Chief Justice Satish Chandra Sharma and J Subramaniam Prasad has given this decision. Another PIL has been filed regarding the 2000 note stating that the RBI does not have the authority to issue a circular to withdraw the 2000 note from circulation.

People are reaching the banks to exchange their notes

On May 19, RBI had announced to withdraw 2000 notes from circulation. After three days i.e. from May 23, the process of changing this note started in banks across the country. People are reaching the banks to exchange their notes. RBI has asked to exchange 2000 notes or deposit in the account by 30 September. The Reserve Bank has said in its circular that it will withdraw the 2000 note from circulation, but the existing notes will not be invalid. RBI had said that the Reserve Bank has taken this decision under the 'Clean Note Policy'. People can exchange 10 notes at a time in any bank, while there is no limit for deposits. 2 thousand notes came in the market in November 2016. Then Prime Minister Narendra Modi had closed 500 and 1000 notes. Instead, a new note of 500 and 2000 was issued in the new pattern. When notes of other denominations became available in sufficient quantities, the printing of 2000 notes was stopped in 2018-19.