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Rs 2000 banknotes are being exchanged and deposited at RBI's 19 issue offices since May 19, 2023.
The growth rate of currency in circulation slowed down to 3.7% for the week ended February 9, compared to 8.2% a year earlier, due to the Reserve Bank of India's decision to withdraw Rs 2,000 banknotes. Currency in circulation includes all notes and coins in circulation, excluding cash held by banks. Commercial banks also saw double-digit growth in deposits in January, which can be linked to the withdrawal of Rs 2,000 notes.
On January 1, the RBI said that 97.38 percent of the Rs 2,000 currency notes in circulation as of May 19, 2023, have returned to the banking system.