No Long Queues At Banks In Pune As Citizens Opt For Depositing Rs 2000 Notes
Pune, 24th May 2023: Banks in Pune witnessed sporadic rushes on Tuesday as citizens flocked to exchange their Rs 2000 notes. However, instead of exchanging the notes, many individuals chose to deposit them into their bank accounts, as the process of depositing was quicker and did not require any application. Despite the smooth exchange process, some complaints surfaced on social media regarding certain private banks refusing to exchange the notes.
In a recent development, the Reserve Bank of India (RBI) has announced the withdrawal of Rs 2000 notes from circulation. The exchange of these notes commenced yesterday, leading to sporadic rushes at public sector banks, private banks, and cooperative banks across the city. As per the new rule set by the Reserve Bank, ten Rs 2000 notes can be exchanged at a time without the need for an application. However, citizens reported that some cooperative banks insisted on written applications for the exchange process.
Contrary to expectations, there were no long queues witnessed at banks in Pune for exchanging the notes. Instead, many account holders chose to deposit the Rs 2000 notes into their accounts. Bank officials and employees reassured that the process had minimal impact on their operations. Nevertheless, they anticipated an increase in workload as they would need to prepare daily reports on the number of Rs 2000 notes collected.
“The exchange process for Rs 2000 notes proceeded smoothly across all banks yesterday. Since the Reserve Bank has announced that the Rs 2000 notes will remain valid even after September 30, citizens were not in a rush to exchange them,” explained Vidyadhar Anaskar, a banking expert, highlighting the lack of urgency among the public.
According to Adv. Subhash Mohite, President of the Pune District Urban Cooperative Bank Association, there was a minimal rush at cooperative banks today for exchanging Rs 2000 notes. Most account holders preferred to deposit the notes rather than exchanging them. The proportion of individuals who chose to exchange notes amounted to just one percent, whereas a significant 99 percent opted for depositing the notes into their accounts.
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