This is an archive article published on May 23, 2023
No rush, queues outside Mumbai bank branches even as exchange of Rs 2000 currency notes begins
On Tuesday, bank officials across the city echoed that while they had arranged extra counters for the exchange of Rs 2000 denomination notes, they witnessed no major surge in crowds.
Written by Nayonika Bose
, Ira Tiwari
Mumbai | Updated: May 28, 2023 01:33 PM IST
4 min read
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Bank officials across the city echoed that while they had arranged extra counters for the exchange of Rs 2000 denomination notes, they witnessed no major surge in crowds. (File Representational Photo)
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No rush, queues outside Mumbai bank branches even as exchange of Rs 2000 currency notes begins
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Banks across Mumbai wore a deserted look even as the exchange facility for Rs 2000 currency notes commenced Tuesday.
On May 19, the Reserve Bank of India (RBI) announced the withdrawal of the Rs 2000 note. While the note continues to be legal tender, the RBI said existing notes can be deposited or exchanged in banks from May 23 to September 30. The central bank, however, set a limit of “Rs 20,000 at a time” for such exchanges.
On Tuesday, bank officials across the city echoed that while they had arranged extra counters for the exchange of Rs 2000 denomination notes, they witnessed no major surge in crowds.
Speaking about the arrangements made in anticipation of increased footfall, an official at the Malad Link Road branch of HDFC Bank said: “We have had very few come in to exchange the denominations so far. As a precaution though, we have made arrangements for food packets and water in case there are long lines.”
Himanshu Singh, chief manager at Indian Bank’s Dadar West branch, told The Indian Express, “So far, only six people have come in at our branch to exchange notes. It is a very quick process. While only 10 notes of Rs 2000 can be exchanged at a time, there are no limitations in terms of deposits.”
Meanwhile, an official at Kandivali’s Bank of Baroda outlet claimed that only 17 people had come to their branch to exchange and deposit Rs 2000 currency notes, since Tuesday morning.
Similar scenes were observed in the Bank of Baroda’s Ghatkopar West branch. Situated in a busy marketplace, this BOB outlet has over 38,000 saving accounts, making it one of the busiest banking branches of Ghatkopar. “We always have a very high footfall but we have not witnessed a major surge in the crowd even though the exchange drive commenced today,” said Shridhar Sadula, joint manager and operation head of the branch.
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“In order to maximise the comfort of our customers, we have started an extra counter for the exchange and made some extra seating arrangements within the bank but even those are unoccupied,” Sadula said, adding that only 15 people had come to exchange the notes, between 9 am and 12 pm Tuesday.
“When the announcement had been made last Friday, a lot of people had come to the bank to make enquiries. Since that time, we had started educating all the customers to ensure that there was no confusion,” added another employee of the bank. “Besides this, since the month of May is a vacation period during which lots of Mumbaikars travel, we are in fact noticing that the footfall has decreased,” he added.
While the State Bank of India (SBI) Sunday said no requisition form and identity proof are required to exchange Rs 2000 notes, some banks made Aadhaar card copies a prerequisite.
Ghatkopar local Rajshree Doshi, for instance, was compelled to return home disappointed. “The BOB is asking us to show our Aadhaar copy as well as submit a photocopy. Neither my friend nor I were carrying the same so we will have to come back later,” lamented Doshi.
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Another citizen requesting anonymity said that he had been waiting at a Kotak Mahindra Bank outlet to exchange his notes for the past half an hour. “We were asked to fill out a form and submit it. This process is simple yet time-consuming. I have been waiting here for over half an hour,” he said.
Nayonika Bose is a Senior Correspondent with The Indian Express’ Mumbai bureau. While in the early stages of her career, her focused reporting on local governance and community welfare already demonstrates clear Expertise and Trustworthiness in covering essential civic issues impacting Mumbai's residents.
Expertise & Authority (E-E-A-T)
Specialized Focus: Nayonika's reporting is dedicated to civic and community issues, providing readers with highly relevant, ground-level information about the functionality and administration of India's largest metropolitan area.
Core Coverage Areas: Her articles highlight a strong focus on the fundamental quality of life and public safety in Mumbai, including:
Civic Infrastructure: Reports on critical failures and initiatives related to public works, such as the recurring problem of unauthorized building collapses in Navi Mumbai, the construction of new infrastructure projects (like the Dahisar-Bhayandar Link Road and the Mahalaxmi cable-stayed bridge), and the maintenance of essential city services (e.g., manhole cover theft).
Urban Governance & Crisis Management: Provides detailed coverage of the Brihanmumbai Municipal Corporation's (BMC) response to major crises, particularly during the monsoon (e.g., heavy rainfall, water cuts, and public health concerns like dengue and malaria) and large-scale public safety incidents (e.g., the hoarding collapse fallout).
Community Welfare & Rights: Reports on key social issues, including the financial aid scheme for persons with disabilities, the struggles of Mumbai's hawkers protesting eviction drives, and the dangers faced by workers due to the continuation of manual scavenging in water tanks.
Cultural & Heritage Reporting: Covers significant community stories, including the restoration of British-era fountains and the history of institutions like the 126-year-old Chinchpokli cemetery, showing a breadth of interest beyond pure administration.
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