The withdrawal of Rs 2,000 notes from circulation may have brought back memories of demonetisation, but the Reserve Bank of India gave four months the replacement to avoid chaos. Although there aren't any serpentine queues outside banks this time around, a considerable number of people are disposing of Rs 2,000 notes.
Within a week after windows for exchanging the outgoing denomination were opened, the State Bank of India has collected Rs 2,000 notes worth Rs 14,000 as deposits and exchanged currency worth Rs 3,000 crore.
Simplified exchange process
The public sector bank currently has 20 per cent of the market and is allowing people to exchange notes without any additional cost or excessive paperwork.
But it also faced opposition from a BJP leader, who filed a plea against the RBI and SBI's notifications that allowed people to exchange Rs 2,000 notes without ID proof.
SBI has continued to process replacements without ID or forms, as the plea has been rejected in court, and allows customers to deposit Rs 2,000 notes without any limit.
The lender has made special arrangements at all locations, but has advised people to go for bigger branches which don't have a limited cash pile.
