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Queues, confusion as window to exchange ₹2,000 notes opens in Punjab
The day was marked with a lot of confusion at some banks over the requirement of KYC (know your customer) verification, officially valid identity cards like PAN or Aadhaar, and official forms.
The 131-day window to exchange junked ₹2,000 rupee currency notes started on Tuesday, with Punjab’s financial capital Ludhiana witnessing a huge rush at the deposit counters while it was business as usual in Bathinda and Amritsar. Across the state, there was no rush for exchanging notes.
The day was marked with a lot of confusion at some banks over the requirement of KYC (know your customer) verification, officially valid identity cards like PAN or Aadhaar, and official forms.
While there is no limit on depositing ₹2,000 notes in the accounts, the private banks in Ludhiana insisted on KYC verification which left a section of customers miffed.
At a private bank branch on Mall Road in Ludhiana, there were a few customers to get the notes exchanged, however, a long queue was witnessed at the deposit counters with people holding huge bundles of ₹2,000 notes.
Several customers, who did not have KYC verification, had to return disappointed as the bank officials insisted on the same and also gave them a declaration form to fill in their details.
A city-based businessman, who is into the catering business, said he had come to deposit ₹2,000 notes amounting to ₹68,000 at the bank, but the currency wasn’t accepted. “I have an account with the bank, but KYC is pending. I was told to fill a form, submit identification proofs and only after the verification I will be able to deposit the notes,” he said, requesting anonymity.
A bank official said they are following RBI guidelines.
A cashier at Ghumar Mandi’s State Bank of India branch, Kirandeep Kaur, revealed, “As long as we have cash, we have been instructed to exchange notes irrespective of how many times that same customer keeps appearing on the counter. By 1:30 pm, we had facilitated 50 customers.”
Deep Kumar, senior bank manager at Punjab National Bank, said, “People are spending the note in the market feasibly, therefore, the deposit rate of business accounts are quite high.”
In Amritsar, there was hardly any rush for exchanging notes.
Bhupinder Mahal, senior manager of the New Amritsar branch of Punjab National Bank, said, “Hardly 5-6 people visited to get the notes exchanged. Low footfall was not as per our expectations. One main reason behind it is that people have a lot of time till September 30 for the exchange. Secondly, these notes are still being accepted in markets. Thirdly, many people deposit these notes instead of getting them exchanged”.
Bathinda also saw no rush at the counters for exchanging or depositing ₹2,000 notes, but the day was marked with confusion as many banks insisted on original identity proof at the cash counters before exchanging the notes.
Officials at the nationalised banks in Bathinda said people need not produce any document while exchanging the notes while leading two private sector banks insisted on original identity proof at the cash counters.
The two private banks had printed forms in which a depositor from the in-house account holder is asked to fill in details including the bank account number. For a non-customer, both banks are asking the depositor to mention his mobile phone number, and original and photocopy of a self-attested personal identity proof. All customers also needed to mention the number of banknotes submitted for exchange.
In Bathinda, Punjab National Bank chief manager Madhu Bansal said no separate counter has been created, and people can contact the regular cash counter to exchange the notes. “All arrangements have been made to ensure a smooth cash exchange drive,” she said.
Bansal said that her branch has seen a sudden higher inflow of ₹2,000 notes deposits since Friday when the RBI announced the withdrawal of the said currency.
According to the head of a private bank branch at Bank Bazar, people can deposit any amount of money in the cash deposit machines (CDM).
