The State Bank of India (SBI), the largest bank in the country, announced on Sunday that customers could exchange INR 2000 notes at its branches without needing to provide ID proof or fill out any forms. This announcement came in response to social media rumors that exchanging INR 2000 notes would require ID proof, an Aadhaar card, and completion of a form.
Removing Misconceptions
SBI has clarified that notes up to INR 20,000 can be exchanged without ID proof, thereby debunking the rumors.
The Reserve Bank of India (RBI) announced on Friday that INR 2000 notes would be taken out of circulation, however, it has provided a grace period until September 30 for people to exchange these notes. During this time, people can go to banks and exchange their INR 2000 notes for other denominations.
Communication to Branches
SBI has communicated to the Chief General Managers of all its local head offices, informing them that up to INR 20,000 worth of INR 2000 notes can be exchanged without requiring any ID proof or a demand slip.
For deposits into one’s own account, RBI has not set a limit for depositing INR 2000 notes. Still, it will depend on the customers’ KYC and other statutory rules.
SBI’s May 20 communication stated that no ID proof would be required to exchange INR 2000 notes and urged its officials to assist the public in making the process of exchanging these notes as smooth and hassle-free as possible.
Commencement of Exchange Process
The exchange process was set to start from May 23, but some people had already shown up at the bank on Saturday. SBI informed that such individuals were sent back after explaining the situation. Some customers had also used deposit machines to deposit their INR 2000 notes. Post RBI’s notification, people are showing hesitation to accept INR 2000 notes in the market.
News Recap:
- SBI announced that customers can exchange INR 2000 notes without needing to provide ID proof or fill out a form.
- Notes up to INR 20,000 can be exchanged without ID proof.
- The RBI has given time until September 30 for individuals to exchange INR 2000 notes.
- No limit has been set by RBI for depositing INR 2000 notes into one’s own account, subject to the customer’s KYC and other statutory rules.
- The exchange process for INR 2000 notes at SBI will commence from May 23.
