Withdrawal Of Rs 2,000 Denomination Notes: SBI Exchanged Rs 3,000 Cr, Rs 14,000 Cr Deposited So Far

New Delhi: State Bank of India (SBI) chairman Dinesh Kumar Khara in an interaction with media persons has said that the public sector bank has either deposited or swapped an estimated Rs 17,000 crore worth of Rs 2,000 currency notes, days after the Reserve Bank of India (RBI) decided to withdraw the Rs 2,000 denomination banknotes from circulation.

"Rs 3,000 crore has been exchanged and Rs 14,000 crore has been placed in accounts. Generally speaking, we have roughly 20% of the market, Khara while speaking with reporters on Monday at GIFT City remarked.

The Rs 2,000 banknotes were taken out of circulation by the Reserve Bank of India on May 19, although they will still be accepted as legal money. RBI advised banks to immediately stop issuing banknotes having a value of Rs 2,000.

According to the RBI, up until September 30, 2023, people will be able to deposit Rs 2,000 banknotes into their accounts and/or swap them for notes of other denominations at any bank branch.

Exchange of Rs 2,000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time. The exchange facility of Rs 2,000 banknotes shall be provided free of cost.

Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions, said the RBI.

The introduction of the Rs 2,000 denomination banknote in November 2016 served largely to quickly address the economy's need for money following the loss of the legal tender status of all Rs 500 and Rs 1,000 banknotes in use at the time.