New Delhi: reserve Bank of India Governor Shaktikanta Das on Wednesday said that the RBI is closely monitoring the deposit and exchange of Rs 2,000 notes and added that it was hopeful of the entire exercise being completed in a non-disruptive manner.
“On Tuesday, there was no rush anywhere. And we are regularly monitoring the situation. I don’t think there is any concern or any major issue that is coming Outside…business activities are going on,” he told industry leaders.
Last week, the RBI announced the withdrawal of Rs 2,000 notes that can be deposited or exchanged at bank branches by September 2023, though the higher denomination notes will continue to be valid even after that. Das said a time of four months has been given to ensure that no one is put to hardship.
He said the notes have completed their life span and central bank surveys showed that there were not many transactions using these notes and that leaving higher denomination notes in the system could “create other collateral issues”. Are”.
In response to another question, the governor refused to do away with multiple categories of licenses for banks and non-bank finance companies, arguing that each had a specific role to play. He said the Universal Bank licenses were issued by the regulator after a rigorous exercise and could collect deposits, which were public money. “Poor people, middle class, retired people put their money because of the licence. Banking license cannot be equated with NBFCs or small finance banks,” Das said.
“On Tuesday, there was no rush anywhere. And we are regularly monitoring the situation. I don’t think there is any concern or any major issue that is coming Outside…business activities are going on,” he told industry leaders.
Last week, the RBI announced the withdrawal of Rs 2,000 notes that can be deposited or exchanged at bank branches by September 2023, though the higher denomination notes will continue to be valid even after that. Das said a time of four months has been given to ensure that no one is put to hardship.
He said the notes have completed their life span and central bank surveys showed that there were not many transactions using these notes and that leaving higher denomination notes in the system could “create other collateral issues”. Are”.
In response to another question, the governor refused to do away with multiple categories of licenses for banks and non-bank finance companies, arguing that each had a specific role to play. He said the Universal Bank licenses were issued by the regulator after a rigorous exercise and could collect deposits, which were public money. “Poor people, middle class, retired people put their money because of the licence. Banking license cannot be equated with NBFCs or small finance banks,” Das said.