The Reserve Bank on Tuesday said 88 per cent of the Rs 2,000 banknotes valued at Rs 3.14 lakh crore have returned to the banking system after it announced withdrawal of the high value currency notes from circulation in May.
Data collected from major banks indicate that about 87% of the banknotes received by lenders was in the form of deposits, while around 13% had been exchanged for other denominations, the RBI said.
The RBI has urged members of the public to utilise the next two months to deposit and/or exchange the ₹2,000 banknotes held with them to avoid any rush in the last few days before September 30, 2023.
The RBI had announced the withdrawal of ₹2,000 banknotes from circulation on May 19, 2023.
