RBI Reports Return of 97.87% Rs 2000 Notes to Banking System

The Reserve Bank of India (RBI) has announced that 97.87% of the Rs 2000 denomination banknotes have been returned to the banking system, with only Rs 7,581 crore worth still with the public. The withdrawal of the Rs 2000 banknotes from circulation was originally announced on May 19, 2023.

The Reserve Bank of India (RBI) declared on Monday that 97.87 percent of the Rs 2000 denomination banknotes have been returned to the banking system, leaving only Rs 7,581 crore worth of these notes with the public. This announcement follows the RBI's May 19, 2023, decision to withdraw Rs 2000 banknotes from circulation.

Initially, the total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore as of the close of business on May 19, 2023. This figure drastically reduced to Rs 7,581 crore by June 28, 2024. According to an official statement from the central bank, 97.87 percent of the Rs 2000 banknotes in circulation as of May 19, 2023, have since been returned.

RBI facilitated the process for depositing or exchanging Rs 2000 banknotes at all bank branches across the country until October 7, 2023. Additionally, as of October 9, the 19 RBI issue offices began accepting Rs 2000 banknotes for deposit or exchange. The public also has the option to send these banknotes via India Post to any RBI issue office for credit to their bank accounts.

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