Vikash Sharma

The recent announcement of the Reserve Bank of India (RBI) to withdraw the Rs 2000 banknotes from circulation is being said as a masterstroke to wipe out black money.

According to RBI, people can exchange Rs 2000 notes or deposit them in their bank accounts by September 30, 2023. The Reserve Bank of India's (RBI) 19 regional offices and other banks will start taking Rs 2,000 notes for exchange with lower denominations from May 23 onwards.

Also Read: RBI decides to withdraw Rs 2000 notes with immediate effect; check key points

In its notification issued on Friday, the RBI said that in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 banknotes into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank.

But what to do if bank refuses to exchange/accept deposit of Rs 2000 banknote?

For redressal of grievance in case of deficiency of service, the complainant /aggrieved customer may first approach the concerned bank. 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 (

Also Read: Withdrawal of Rs 2000 banknotes: Exchange process, limits and more; all your queries answered here