South Indian Bank has received Rs 888 crore worth of Rs 2,000 notes

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Kerala-based South Indian Bank received Rs 888 crore worth of Rs 2,000 notes until June 13, with the bulk of the withdrawn currency being deposited in their accounts by citizens.

MD and CEO Murali Ramakrishnan told Moneycontrol on June 16,"Rs 756 crore worth of Rs 2,000 notes have been deposited in the accounts, Rs 132 crore have been exchanged till June 13, 2023."

The Reserve Bank of India (RBI) on May 19 announced the withdrawal of Rs 2,000 bills as part of its clean note policy and gave time till September 30 for the exchange or deposit of the highest value currency note. It also advised banks to stop issuing the Rs 2,000 notes with immediate effect.

RBI governor Shaktikanta Das on June 8 said the central bank received Rs 1.8 lakh crore worth of Rs 2,000 notes.

"So far, about Rs 1.8 lakh crore of Rs 2,000 notes have come back. This is roughly about 50 percent of the Rs 2,000 notes that were in circulation on March 31,” Das said.

Ramakrishnan said it was business as usual for the private lender and they had not faced currency crisis.

As reported by Moneycontrol earlier, the state-owned Bank of Baroda (BoB) received Rs 10,000 crore worth of Rs 2,000 currency notes.

Kotak Mahindra Bank got Rs 6,300 crore worth of the notes until June 15, said Virat Diwanji, Group President and Head, Consumer Business, said. "We have received 3.5 percent of the total Rs 2,000 notes with the Reserve Bank of India. This comes to Rs 6,300 crore," said Diwanji.

The Rs 2,000 note was introduced in November 2016 to meet the currency requirement after Rs 500 and Rs 1,000 notes were demonetised.