February 25, 2024

Banks worried about lack of flow of new 500 notes, separate counters to meet crowd

Initially, after the RBI’s guidelines, people had startd to deposit till 20 thousands notes of 2000 note in the bank and can change itself. After this previous announcement, a total of 450 crore notes have been deposited in banks in 3 days. Separate counters have also been set up in the city’s Co-operative, National and Private Banks to meet the overcrowding.

Although, IT also has an eye on the entire system. Most of the two thousand notes are with industrialists. If it is in the form of black money, it is also being monitored to ensure that, it does not start laundering by depositing it in someone else’s account. IT can also monitor the data of people who are about to exchange notes.

Further, the owner can deposit any amount of rupee notes. Instead of exchanging notes, people can deposit it and withdraw it from ATMs as per their requirement. 20 thousand only can be obtained while changing, but after depositing it can be used for online payment and can also be withdrawn from ATM.

In the end, backing sources say that, after depositing Rs 2000 notes, it is also necessary to get a flow of notes of Rs 500 or less from RBI. Banks will not be able to remit rupees to RBI on a daily basis. Also, many banks do not have space to keep rupees, so if more than two thousand notes arrive, a question will arise where to keep them.

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