RBI Announces Temporary Closure of Rs 2,000 Notes Exchange Facility on January 22 – View Details Here
RBI has announced that the facility to exchange and deposit Rs 2,000 notes will not be available on January 22.
Mumbai: In its new regulations, 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 inauguration of the Ram temple in Ayodhya. The RBI's Ministry of Personnel and Training has issued an order for 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 Mondays
“The facility for exchange or deposit of Rs 2000 notes will not be available at any of the 19 issuing offices of the Reserve Bank of India on Monday, January 22, 2024 due to the half-day closure announced by the Government of India,” That the central bank said in a statement. The facility will resume operation on Tuesday, January 23, 2024, it added. On May 19 last year, the RBI announced the withdrawal of Rs 2,000 notes from circulation.
The total value of Rs 2,000 notes in circulation, which stood at Rs 3.56 lakh crore at the close of business on May 19, 2023 (when the note withdrawal was announced) (when the note withdrawal was announced) , has fallen to Rs 9,330 crore at the end of the business day. business on December 29, 2023.
As much as 97.38 percent of the valuable currency in circulation on May 19, 2023 has since been returned to the banking system as of December 29, 2023. The Rs 2,000 notes were introduced in November 2016, post demonetisation. of the then prevailing notes of Rs 1,000 and Rs 500. The notes of Rs 2,000 remain legal tender.
RBI asks banking ombudsmen to ensure effective resolution of customer complaints
RBI said that since 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 rates. Interest rate derivatives on January 22. It said that settlement of all outstanding transactions will be deferred to the next business day i.e. January 23 accordingly.
The RBI has asked internal ombudsmen of banks, NBFCs and credit information companies (CICs) to provide inputs for improving internal systems and processes to ensure more effective redressal of customer complaints.
As part of the Reserve Bank's continued engagement with regulated entities, the second Conference of Internal Ombudsmen was held in Mumbai on January 16 with the theme 'Orchestrating Customer Satisfaction through a Strong Internal Ombudsman', according to a statement issued on Thursday by the RBI.
Deputy Governor Swaminathan J. in his keynote address highlighted the crucial role of internal ombudsmen as vigilant observers and facilitators in a fair and equitable dispute resolution process to ensure effective and impartial resolution of customer complaints within the regulated entity itself, the RBI. He called on the internal ombudsmen to provide valuable inputs to improve internal systems and processes, and to proactively guide the regulated entity in taking corrective measures to address recurring complaints.
(With input from agencies)