SBI clarifies no form, no identity proof required to exchange Rs 2,000 notes

The State Bank of India (SBI) said that no form and no identity proof were required to exchange Rs 2,000 notes, which the RBI withdrew from circulation with immediate effect. The facility of Rs exchange of Rs 2,000 to all members of the public upto a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip," the bank said in a circular dated May 20. "Further, no identity proof is required to be submitted by the tenderer at the time of exchange."

The clarification comes amid alleged misinformation on social media that a form would need to be filled out, along with submitting identity documents like an Aadhaar card, in order to exchange the banned notes.The Reserve Bank of India on Friday said it will withdraw Rs 2,000 notes from circulation and people can exchange or deposit them in their bank accounts by September 30. The Reserve Bank of India's (RBI) 19 regional offices and other banks will start taking Rs 2,000 notes for exchange with lower denomination ones from May 23. They will remain legal tender, the RBI said.