What will happen if a bank refuses to exchange, accept deposits of Rs 2,000 banknotes?

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Key Points

Following the Reserve Bank of India's announcement that it has withdrawn Rs 2000 note from circulation, bank customers should deposit the notes or exchange them at a bank branch before September 30, 2023..

The announcement was made on Friday, May 19, 2023...

According to the RBI press release dated May 19, 2023, , Members of the public may deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch..

If the bank does not respond within a period of 30 days after lodging of the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (cms.rbi.org.in)...

You can call on the toll-free number 14448 between 9:30 am and 5:15 pm.You can send the complaint to this email address: CRPC@rbi.org.in.You can send a physical complain through post to the address: 'Centralised Receipt and Processing Centre', Reserve Bank of India, 4th Floor, Sector 17, Chandigarh - 160017 in the format given as annex at the link https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf..