If you still have ₹2,000 notes, be careful. The Reserve Bank of India has once again clarified that the Rs 2,000 notes are still valid and there is scope for replacing them. However, it has been more than two years since the process of withdrawing these notes from the banking system started, despite this, notes worth thousands of crores of rupees have not been returned. In this way, RBI has continued the facility of depositing or exchanging them through 19 branches of the country.
98.37 percent back into the banking system
The Reserve Bank of India (RBI) has maintained this currency exchange facility in 19 branches across the country, including two offices in Uttar Pradesh. The RBI had started the process of phasing out the ₹2,000 notes in May 2023. Despite the passage of more than two years, notes worth about six thousand crore rupees have not yet returned to the banking system. In an announcement issued on May 19, 2023, the RBI clarified that the ₹2,000 notes are being phased out, but these notes are still acceptable as legal tender. By October 31, 2025, approximately 98.37 percent of these notes have returned to the banking system.
Process of exchange of notes in 19 branches of RBI
The RBI also said that although these notes are valid, most bank branches and traders are no longer accepting them in normal transactions. Therefore, the process of depositing or exchanging these notes is being done exclusively in 19 branches of RBI. This facility is available in these major cities: Ahmedabad, Bangalore, Hyderabad, Jaipur, Kanpur, Kolkata, Lucknow, Mumbai, Patna, New Delhi, Chennai etc. Earlier, facility of depositing/exchange of ₹2,000 notes at bank branches was till October 7, 2023. RBI’s CGM Brijraj has advised people to bring identification documents and bank details while depositing notes, so that the amount can be credited to your account correctly.
Copy of Aadhaar Card
In fact, people are confused about the ₹2,000 notes as to whether they are still valid. This move by RBI is an attempt to remove old and less used currency from the system under the “Clean Note Policy”. Printing of Rs 2,000 notes was stopped after 2018-19, as they were less used in day-to-day transactions. The Regional Director of Reserve Bank of Lucknow said that those who have balance of ₹2,000 notes can approach the RBI branch with a copy of their Aadhaar card and deposit the notes by filling the prescribed format.