Some Bank Branches Run Short On Day 2 Of ₹2,000 Note Exchange: Report

NEW DELHI: Some bank branches ran out of cash and temporarily halted the exchange of withdrawn ₹2000 currency notes as they awaited replenishment of supply from the currency chest on the second day of note swap on Wednesday.

More than anticipated demand during the first half in some of the branches led to the shortage of ₹500 and below denomination currency temporarily at some places, sources told Press Trust of India.

Customers had to wait for some time till replenishment came from the currency chest, sources added.

However, senior officials of various banks said there were no major complaints of currency shortage for exchange.

"We are maintaining a continuous supply of ₹500, 200 and 100 denominations notes at all our all branches across Delhi circle to ensure smooth exchange process of 2,000 rupee notes," Canara Bank Chief General Manager (CGM) Bhavendra Kumar said.

Reserve Bank on May 19 announced withdrawal of ₹2,000 notes and permitted exchange of such notes up to a limit of ₹20,000 at a time till September 30.

Unlike November 2016, when old 500 and 1000 rupee notes constituting some 86 per cent of the currency in circulation were banned overnight, ₹2000 currency notes continue to be legal tender for now, and the exchange window is more than double of that provided in 2016. While the Reserve Bank of India (RBI) has not made the presentation of a valid ID or filling of deposit forms mandatory, there were complaints from some places that banks were demanding customers to submit identity cards as proof.

Reserve Bank Governor Shaktikanta Das on Wednesday said that RBI is monitoring the situation regularly with regard to the withdrawal of ₹2,000 currency notes and expressed confidence that the entire exercise will be completed in a non-disruptive manner.