Rs 2000 note exchange: Confusion and complaints dominate day 1
By Anish Kumar | First Published May 23, 2023, 5:50 PM ISTConfusion prevailed on Tuesday after certain banks asked for identification cards for the exchange of notes. This, despite the leading public sector lender, the State Bank of India, issuing a circular stating that no requisition forms and ID cards will be required for the notes exchange and deposits.
Day 1 of the process of depositing and exchanging Rs 2,000 notes with lower denomination ones saw customers having to face challenges at several banks in the national capital. Confusion prevailed on Tuesday after certain banks asked for identification cards for the exchange of notes. This, despite the leading public sector lender, the State Bank of India, issuing a circular stating that no requisition forms and ID cards will be required for the notes exchange and deposits.
Mohammed Azad, a resident of the Jamia Millia Islamia area, visited the Bank of India and Indian Bank, both of which are public sector banks, to get his Rs 2,000 notes changed. At Jamia Milia University's Bank of India branch, the banker refused to exchange the notes citing they have no guidelines in this regard. Azad was informed that only notes can be deposited in the account.
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After having failed at the Bank of India, he visited the nearby branch of the Indian Bank. He was informed that the exchange can only be done if he had the requisite KYC (Know Your Customer) documents. The banker had no answers when Azad confronted individuals who do not have accounts in the branch.
Another customer and former Indian Army officer Brig Sandeep Thapar had also faced difficulties in exchanging the notes. In a tweet, he said: "I went to my bank (Canara). The manager said no exchange of notes today. Only after tmrw."
A Twitter user said: "… I am at the bank (HDFC), in line. Everyone is being asked to fill out forms and verify IDs, and phone numbers. The manager says it is an 'internal decision'."
According to the news agency PTI, private banks like Kotak and HSBC said they are asking for form/ID Proof for non-account holders. Bank of Baroda has said they do not require any form but need ID proof for non-account holders. ICICI and HDFC have said they require all customers to fill out forms, but ID proof is needed only for non-account holders.
However, the apex bank -- the Reserve Bank of India -- has categorically mentioned in its guidelines that any individual can exchange notes at any bank, even if he/she does not have an account in the bank.
The RBI has also issued guidelines regarding a scenario where a bank refuses to exchange or accept the deposit of notes.
"If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in)," the central bank has said.
On Monday, RBI governor Shaktikanta Das asked people not to panic and rush to deposit or exchange their Rs 2,000 currency notes as they have four months to do so. He stated that even after September 30, the notes would continue to be legal.
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