Banks and markets across the National Capital Region (NCR) are bracing for a deluge of customers with ₹2,000 notes starting Tuesday, after the Reserve Bank of India (RBI) announced that the currency note would be withdrawn from circulation at the end of September.
According to RBI’s Friday notification, people have been given time from May 23 to September 30 to exchange or deposit ₹2,000 notes so that these can be withdrawn from circulation. The regulatory body has also
Banks and markets across the National Capital Region (NCR) are bracing for a deluge of customers with ₹2,000 notes starting Tuesday, after the Reserve Bank of India (RBI) announced that the currency note would be withdrawn from circulation at the end of September.
According to RBI’s Friday notification, people have been given time from May 23 to September 30 to exchange or deposit ₹2,000 notes so that these can be withdrawn from circulation. The regulatory body has also clarified that these notes will continue to be legal tender even after the September 30 deadline, and can be used for transactions.
Also Read: Don’t panic, says RBI as ₹2,000 window opens
However, with misinformation running amok, various banks have started taking steps to reduce panic and confusion among their customers. Traders, too, have begun issuing advisories for shoppers as well as shopkeepers to avoid any malpractices.
Gauri Shankar, lead district manager (LDM) of South Delhi, said, “There are clear directions from RBI but misleading messages are being circulated, which are causing panic among people. They want to know what amount can be deposited or exchanged. We have held meetings with residents and self-help groups to clear the confusion, and have explained the correct procedure to them. We have also informed everyone that there is no need to panic, and that there is no limit on the amount that can be deposited.”
An LDM’s role is to act as a consortium leader to coordinate efforts of all credit institutions in a district for the expansion of branch banking facilities, and to meet the credit needs of the economy. State Bank of India and Canara Bank depute an LDM in Delhi’s 11 districts.
Also Read: Banks gear up as exchange process for ₹2k notes starts today
New Delhi LDM Ravindra Sinha said, “The duration to deposit and exchange the notes is very long, so we are not expecting any immediate rush. However, all bank branches have been issued clear instructions to follow standard operating procedures according to the crowd that they get. Branches have to ensure that there is no inconvenience to customers, especially women, the elderly and the differently abled. If the rush increases, we will take crowd control measures accordingly, like adding counters.”
Sinha said all branches will also exchange notes for those who do not hold an account in that particular bank or branch.
A senior Delhi Police officer said that they have not made any special arrangements at banks, but will provide help if a request is made.
Also Read: 12K bank branches in U.P. to deposit/exchange ₹2000 notes from May 23
“No banks have made any requests for any special security arrangements. We don’t anticipate any trouble either, because the time period for exchanging the notes is sufficient. But if there is any requirement, we’ll provide the necessary security. We’ll be keeping a watch out to prevent any trouble,” said the officer, declining to be named.
Ranveer Singh, LDM of South East Delhi, said all government and private banks have made preparations at their respective branches to ensure convenience of customers by keeping drinking water and an adequate waiting area.
Gurugram LDM Ashok Kumar said, “Local banks have also been asked to prepare daily details of the denomination of currency notes and submit it to their controlling officers. There is no need for KYC verification for exchange of currency notes, as per the latest direction of the RBI. It is unlikely that there would be any pressure on banks for exchange of notes in the next few days, but we will be keeping a watch on the days after May 31, after people are paid their salary.”
Traders have also begun issuing advisories for customers and shopkeepers.
Yogesh Singhal, chairman of the Bullion and Jewellers Association at Chandni Chowk’s Kucha Mahajani — one of the biggest gold-trading hubs and wholesale jewellery markets in Asia — said, “Customers can easily continue to use their ₹2,000 notes to buy anything at market rates. We are informing everyone that these notes will continue to be legal tender. Thus, they should not fall into the trap of those seeking commission to exchange notes, nor should they pay more to buy jewellery with these notes.”
Shopkeepers have also been asked to keep track of their transactions as a precautionary measure.
“We have asked jewellers to ensure that when they receive payment in ₹2,000 notes, they should provide a receipt with name, address and signature of the staff. They should also keep a record of the serial number of these notes, and while depositing this amount in banks, they should ask for a receipt and keep it safe for the next few years. These are just tips to avoid any confusion later,” said SK Jain, general secretary of the Noida Jewellers Welfare Association.
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