No forms needed, multiple exchange of Rs 2,000 notes permitted: Yes Bank

While the Reserve Bank of India (RBI) issued instructions to banks on how to accept Rs 20,000 for exchange or deposit after the withdrawal of Rs 2,000 banknotes from circulation, various banks have introduced their own measures. 

"With a view to minimise inconvenience to customers, Yes Bank is allowing exchange of Rs 2,000 bank notes up to a limit of Rs 20,000 at a time. Further, the Bank is not seeking any additional forms for the purpose of exchange," said the private lender.

Meanwhile, ICICI Bank said that they don’t require ID proofs from customers, but non-bankers would be required to produce an ID proof for exchange of Rs 2,000. ICICI Bank officials also said that a one-time transaction of Rs 20,000 can be done multiple times by both ICICI customers and non-customers, but would be under the scrutiny of bank officials for suspicious activities. 

The RBI had said that people who want to exchange Rs 2,000 can do so with a limit of Rs 20,000 at a time. This means that people can exchange 10 Rs 2,000 banknotes at a time. 

Moreover, Department of Economic Affairs Secretary Ajay Seth said that people can exchange notes several times a day. A Department of Financial Services source said that everything will be streamlined in couple of days

An RBI spokesperson said that an internal communication has been sent to the banks regarding ID proof and multiple banknotes exchange. 

Moreover, people can deposit their Rs 2,000 banknotes in post offices and non-banking financial companies, but not exchange them. 

On Friday, the RBI had announced the withdrawal of Rs 2,000 notes. “Accordingly, members of the public may deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions. In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2000 banknotes into banknotes of other denominations can be made up to a limit of Rs 20,000/- at a time at any bank starting from May 23, 2023,” the central bank had announced. 

Also read: Can Rs 2,000 notes be exchanged at post offices, NBFCs? Here's what we know

Also read: ICICI Bank to ask non-bank customers for ID to exchange Rs 2,000 notes: Sources