RBI has announced that the facility to exchange and deposit Rs 2,000 notes will not be available on January 22 due to Ram Temple inaugeration.
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Mumbai: In its new regulation, the Reserve Bank of India has said that the facility to exchange and deposit Rs 2,000 notes will not be available at RBI offices on January 22, the day of the consecration of the Ram temple in Ayodhya. The Department of Personnel and Training of the RBI has issued an order for a half-day closure of central government establishments for the date. Notably, all public sector banks, insurance companies, financial institutions and regional rural banks (RRBs) across the country will remain closed for half a day on the special day of January 22.
Deposit Facility Not Available On Monday
“The facility of exchange or deposit of Rs 2000 banknotes will not be available on Monday, January 22, 2024 at any of the 19 Issue Offices of the Reserve Bank of India due to the half-day closure announced by the Government of India,” the central bank said in a statement. The facility will resume on Tuesday, January 23, 2024, it added. On May 19, last year, the RBI announced the withdrawal of Rs 2,000 bank notes from circulation.
The total value of Rs 2,000 bank notes in circulation, which amounted to Rs 3.56 lakh crore at the close of business on May 19, 2023 (when the withdrawal of the currency notes was announced), has declined to Rs 9,330 crore at the close of business on December 29, 2023.
As much as 97.38 per cent of the high-value currency in circulation as of May 19, 2023, has since been returned to the banking system as of December 29, 2023. The Rs 2,000 bank notes were introduced in November 2016, following the demonetisation of the then-prevailing Rs 1,000 and Rs 500 bank notes. The Rs 2,000 bank notes continue to be legal tender.
RBI Asks Bank Ombudsmen To Ensure Effective Redress Of Customer Grievances
RBI said that as the Maharashtra government has declared January 22 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881, there will be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets or Rupee Interest Rate Derivatives on January 22.It said that the settlement of all outstanding transactions will accordingly be postponed to the next working day i.e., January 23.
The RBI has asked internal ombudsmen of banks, NBFCs, and credit information companies (CICs) to provide inputs for enhancing internal systems and processes in order to ensure a more effective redress of customer grievances.
As part of the Reserve Bank’s continuing engagement with regulated entities, the second Conference of Internal Ombudsmen on the theme ‘Orchestrating Customer Delight through an Empowered Internal Ombudsman’, was held in Mumbai on January 16, according to an RBI statement issued on Thursday.
Deputy Governor Swaminathan J., in his keynote address, emphasised the pivotal role of Internal Ombudsmen as vigilant observers and facilitators in a fair and just dispute resolution process for ensuring effective and impartial redress of customer grievances within the regulated entity itself, the RBI said.
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He called upon the Internal Ombudsmen to provide valuable inputs for enhancing internal systems and processes as well as to proactively guide the regulated entity in taking remedial measures to address recurring complaints.
