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Some of the new deposits in lieu of Rs 2000 notes may be temporary in nature and may be drawn immediately in cash thereafter as part of the precautionary currency demand and, thus, will be liquidity neutral, she said.
As there are around 1.55 lakh bank branches in the country, each branch, on an average, will have to handle 11,677 pieces of Rs 2000 notes – or 116 notes per day between May 23 and September 30, 2023.
The RBI on Friday announced the withdrawal of Rs 2,000 currency notes, which were introduced in November 2016, from circulation.
This announcement from the banks comes at the time when there is a lot of misinformation going around on social media.
None of the arguments that the RBI has given to justify the move are valid.