NAVIN BANSAL’s Post

Date : Nov 04, 2024 Withdrawal of ₹2000 Denomination Banknotes – Status: 1. The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on October 01, 2024. 2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023. 3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts. 4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹6970 crore at the close of business on October 31, 2024. Thus, 98.04% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned. 5. The ₹2000 banknotes continue to be legal tender. For more updates follow Arif Abdul …

Withdrawal of ₹2000 Denomination Banknotes – Status The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on March 01, 2024. 2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023. 3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts. 4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹8202 crore at the close of business on March 29, 2024. Thus, 97.69% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned. 5. The ₹2000 banknotes continue to be legal tender.

Withdrawal of ₹2000 Denomination Banknotes – Status The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on August 01, 2024. 2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023. 3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts. 4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹7261 crore at the close of business on August 30, 2024. Thus, 97.96% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned. 5. The ₹2000 banknotes continue to be legal tender.

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on April 01, 2024. 2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all bank branches in the country upto October 07, 2023. 3. The facility for exchange of the ₹2000 banknotes is available at the 19 Issue Offices of the Reserve Bank (RBI Issue Offices)1 since May 19, 2023. From October 09, 2023, RBI Issue Offices are also accepting ₹2000 banknotes from individuals / entities for deposit into their bank accounts. Further, members of the public are sending ₹2000 banknotes through India Post from any post office within the country, to any of the RBI Issue Offices for credit to their bank accounts. 4. The total value of ₹2000 banknotes in circulation, which was ₹3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of ₹2000 banknotes was announced, has declined to ₹7961 crore at the close of business on April 30, 2024. Thus, 97.76% of the ₹2000 banknotes in circulation as on May 19, 2023, has since been returned. 5. The ₹2000 banknotes continue to be legal tender.

It's a surprising news for a layman that unclaimed amount of Rs. 35000 Crores belonging to PSU Banks has been transfered to RBI in Feb. 2023. For your information, these unclaimed deposits were in respect of deposits which have not been operated for 10 years or more, belonged to 10.24 crore accounts. I request all my friends, especially Sr. Citizens, to disclose their all deposits to their family members as and when they open their account with the Bank. I clarify one thing to all of you, in case you avail any loan from the Bank, after your demise, Bank will locate your Legal heirs to repay the loan. But in the case of Deposit ( FDR) Bank will never try to locate your legal heir and after your demise money will be sent to RBI. If it comes to the knowledge of your dependents, after transfer to RBI, it will be very difficult to get back this money from RBI. So, it is in the interest of your family members that all your Deposits should be clearly disclosed in some Diary and a Nominee registered. Only then your money will be saved from being transferred to RBI https://lnkd.in/gwy_pzPN DO NOT FORGET TO NOMINATE

Bank failure is a fear for every bank customer. Worried about what happens to your money if a bank fails? However, there is no need to panic. Deposit Insurance and Credit Guarantee Corporation (DICGC), a subsidiary of the RBI, covers almost all types of deposits including savings, fixed, current, and recurring deposits. According to the RBI, the DICGC insures principal and interest up to a maximum amount of Rs 5 lakh. Learn more about your rights and protections as a depositor. https://lnkd.in/ggvw5qhx #OneNDF #BankDeposits #BankFailure #DICGC #RBI #BankSafety #SavingDeposits  

How ridiculous this can be? Who will protect the interest of poor depositors, if not Govt or its regulatory body-in this case RBI ? Depositors should be free to withdraw their deposits from bank per their desire & convenience I can understand if a depositor has taken any loan against that deposit, in that case holding back deposit is fine. In all other cases RBI has to work towards depositors getting their full money back If banks are not safe then what is? Are we propagating keeping money at home? So consumer unfriendly approach? Am I not understanding the whole issue-whatever it is-consumer interest has to be of paramount importance and if a bank fails, it sud be Govt/RBI that sud do good for the consumers as they are equally responsible for the well-being and proper functioning of the banks or cancel their licenses! What about regular audits/checks by RBI on bank? Will appreciate POVs and response #govtofindia #financeminister #ministryoffinance #rbi Another bank in crisis:RBI stops customers from withdrawing money; what are your rights as depositors if your bank fails?

Rs. 35000 Crores of unclaimed FDs of Bank customers are transferred to RBI It's a surprising news for a layman that unclaimed amount of Rs. 35000 Crores belonging to PSU Banks has been transfered to RBI in Feb. 2023. For your information, these unclaimed deposits were in respect of deposits which have not been operated for 10 years or more, belonged to 10.24 crore accounts. Being Banker, I request all my friends, especially Sr. Citizens, to disclose their all deposits to their family members as n when they open their account with the Bank. I clarify one thing to all of you, *in case you avail any loan from the Bank, after your demise, Bank will locate your Legal heirs to repay the loan. But in case of Deposit ( FDR) Bank will never locate you and after your demise money will be sent to RBI.* And if it comes to the knowledge of your nominees or dependents, after transfer to RBI, it will be very difficult to get back this money from RBI. *So, it is in the interest of your family members that all your Deposits should be clearly disclosed in some Diary. Only then your money will be saved from transferring to RBI*. 🙏 https://lnkd.in/gFC8rWZM

The Reserve Bank of India (RBI) has come across instances of lenders resorting to certain unfair practices in charging of excess interest from borrowers. The RBI, through its supervisory teams, has advised banks to refund such excess interest and other charges to customers. What are unfair practices followed by banks? During the course of the onsite examination of banks and Non-Banking Financial Corporations (NBFCs) for the period ending March 31, 2023, the RBI found that banks were charging of interest from the date of sanction of loan or date of execution of loan agreement, and not from the date of actual disbursement of the funds to the customer. Similarly, in the case of loans being disbursed by cheque, instances were observed where interest was charged from the date of the cheque whereas the cheque was handed over to the customer several days later, the RBI said. https://lnkd.in/dnTkZNsF

My yesterday’s post on 6.36 million new SIP accounts added during the month of April 2024 is receiving very enthusiastic responses comprising a few concerns on the state of incremental bank deposits and a few suggestions as to how banks can ward off this inertia in growth of deposits. My friend, ex colleague and a very experienced banker Balwinder suggested a few propositions that can make customer stick to the bank. My take on this is that banks shall have to forgo their fascination for CASA and encourage fixed deposits. A customer, who maintains large balance in his Savings account feels shortchanged when an RM from a competing bank tells him of his notional loss and what he would have gained had he kept his account in the other bank that automatically sweeps all monies lying in savings account in excess of a cut off amount to FD! And mind you such sweep ins are not very expensive in relation to pure savings account as most of the banks follow FIFO at the time of sweep out ( though my understanding is that at least one bank is following customer friendly LIFO) and incremental interest go out is hardly a few basis points more than pure Savings. A customer feels good about his idle funds yielding some returns. This may not work for CA as balances in CAs are much more volatile and excess funds getting swept in to FDs may not be feasible in such a scenario. However, there’s no harm in bunching CAa with 15 days FD and a firm will not mind 2-3% that it may earn on its surplus funds that may last for 15 days or more. This one step can make bank deposits a slightly more attractive asset class.