Banks witnesses sharp decline as deadline nears
Vaibhav Parwat
Chhatrapati Sambhajinagar: The Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 notes from circulation on May 19. Since then, banks in Chhatrapati Sambhajinagar have seen a sharp decline in the number of people depositing these notes.
In June, July, and August, bank branches in the city were full with depositors, with a substantial influx of the high-denomination notes. However, the situation has taken a sharp turn, with bank branches now reporting a mere one or two notes being deposited in a single day.
The banks have cumulatively received approximately Rs 4.8 crore worth of Rs 2,000 notes over the past few months. In May and June, banks in the city received a total of Rs 2.2 crore in Rs 2000 notes. This amount decreased to Rs 1.6 crore in July and further to Rs 90 lakh in August. In September, so far, only Rs 10 lakh in Rs 2000 notes have been deposited in banks.
92 percent notes deposited
Bank officials have shared that an overwhelming 92 percent of the Rs 2,000 currency notes have already been deposited or exchanged at banks, leaving only notes worth Rs 2 to 3 lakh still in circulation as of September 8.
87 percent constituted cash
Bank manager Apurva Kumar disclosed that out of the total Rs 2,000 denomination banknotes received back from circulation, a significant 87 percent constituted cash in deposits and circulation, while the remaining notes are in the process of being exchanged into other denominations. He said that the remaining notes may be held by people who are unaware of the deadline or who are hesitant to deposit them.
Number of Rs 2000 notes deposited in banks:
Month Deposits
May/June 2.2 crore
July 1.6 crore
August 90 lakh
September (till date) 10 lakh