No shortage of Rs 500 notes in the city

Bank officials assure ample supply of notes to the city

Chhatrapati Sambhajinagar : In recent developments, the pink notes in circulation have seen an increase, leading to certain establishments substituting them with Rs 500 notes. However, there is no need for concern as the banks in the city have an abundant supply of Rs 500 notes, both in their reserves and the market.

The Reserve Bank of India (RBI) made a significant announcement on May 19, stating its decision to withdraw Rs 2000 notes from circulation. These notes can be deposited in banks and exchanged for other denominations from May 23 to September 30. As a result of this decision, the banks in Chhatrapati Sambhajinagar have experienced a surge in the deposit of these notes, amounting to crores of rupees.

Consequently, customers have been exchanging lakhs of rupees in two thousand rupee notes for Rs 500. This has led to a temporary decrease in the availability of these notes. However, it is noteworthy that the banks in Chhatrapati Sambhajinagar possess ample stock of five hundred rupee notes, and the RBI is promptly supplying new notes to meet the demand.

No shortage in the city

While the scarcity of five hundred rupee notes is being observed in few cities, the situation in Chhatrapati Sambhajinagar remains favourable due to the sufficient availability of these notes in banks. Customers can readily obtain five hundred rupee notes without encountering any shortage, said an SBI bank official on the condition of anonymity.