UP banks prepare to meet currency deposit rush

Lucknow, May 23 (IANS) Nearly 905 branches of all banks in Lucknow and 12,000 branches across Uttar Pradesh have geared up for depositing and exchanging Rs 2000 currency notes from Tuesday.

Separate counters have been set up if the number of customers increases and police help will be taken if needed.

Media in-charge, United Forum of Bank Unions, Anil Tiwari said that the crowd was not likely to increase as there were very few Rs 2000 currency notes in circulation.

"The common man need not worry as the last date for exchange and deposit of these currency notes is September 30, 2023," he said.

Tiwari said account holders whose Know Your Customer (KYC) status was okay, could deposit any number of Rs 2000 currency notes in their accounts.

However, in Jan Dhan accounts, Rs 2000 currency notes worth Rs 10,000 will be deposited, he said.

These notes can be changed between May 23 and September 30 in all banks and regional offices of the Reserve Bank of India. In the meanwhile, these notes will continue to be legal tender/in circulation.

On Monday, Rs 2000 currency notes worth around Rs 9 crore were deposited in all the banks and cash deposit machines (CDMs) in Lucknow.

There are 128 CDMs in Lucknow in which SBI has 89 machines.

A person can deposit Rs 49,900 in the CDM.

"We would request the general public to ensure that they do not have any counterfeit notes as FIR will be lodged against them for trying to deposit fake notes. Banks have made complete arrangements for checking fake notes," he said.

--IANS

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