2000 Note Update News: Confusion, inconsistency over exchange/deposits of junked notes

2000 Note Update News: The first day of exchanging or depositing ₹ 2,000 notes began amid much confusion. There was lack of consistent policy across banks over requirement of officially valid identity cards, like PAN or Aadhaar, and official forms. People complained that banks were demanding identity cards as proof while many said banks did not ask them for ID proof.

Many banks also refused to exchange notes. Instead, they asked people to deposit them.

SBI said no forms needed

India's biggest public bank, the State Bank of India, had clarified in an official memo to its branches that no form or slip would be required while exchanging or depositing ₹ 2,000 notes.

However, major banks said they had separate guidelines on ID proof and forms.

Kotak Bank said they were asking for form/ID Proof for non-account holders. However, Axis Bank, Standard Chartered, Yes Bank, and Bank of India were not asking for any form or ID proof. HSBC and Federal Bank were asking for ID proof for non-account holders, but no form. Same was the case with Bank of Baroda. ICICI and HDFC asked all customers to fill forms. They were asking for ID proof only from non-account holders.

There were reports of banks like PNB, Central Bank of India, Bank of Baroda, and Indian Bank refusing to exchange the notes. They asked people to deposit them instead.

I-T department, not RBI, may scrutinize cash deposits

On Tuesday, the RBI Governor had said that there was no procedure dictated by the RBI and banks could follow their own rules. When asked if RBI would scrutinize the deposited cash, the governor said, "RBI never scrutinises deposits in banks. The Income Tax departments do that. Banks have a reporting system, and they will take care of this."

The RBI has established a complaint resolution process for customers facing issues with note exchange. They can approach the concerned bank and escalate the matter to the RBI’s Integrated Ombudsman Scheme if necessary.

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