Rs 2,000 banknote circulation withdrawn: What you should do if bank refuses to deposit or exchange notes?

Rs 2,000 denomination notes have been withdrawn from circulation by the Reserve Bank of India (RBI) on Friday. However, the Rs 2,000 notes will remain legal tenders. RBI has instructed people to either deposit or exchange the Rs 2,000 note before September 30. Amount up to Rs 20,000 can be exchanged at a time.

Banks have been asked to facilitate people with the exchange and deposition of the Rs 2,000 denomination notes. 

What will happen if bank refuses to exchange Rs 2,000 notes?

If any bank refuses to exchange the Rs 2,000 banknotes, customers can initially reach out to the concerned bank, if the bank refuses to respond after a month, a complaint can be filed under the Reserve Bank- Integrated Ombudsman Scheme, 2021 in the complaint management system portal of RBI (cms.rbi.org.in)

Read: Notebandi 2.0: Exchange or deposit Rs 2,000 notes by September 30

What is Integrated Ombudsman Scheme?

The Reserve Bank- Integrated Ombudsman Scheme, 2021 was launched on November 12, 2021. The Banking Ombudsman Scheme (BOS) in India has been implemented by the Reserve Bank of India (RBI) to redress the complaints of customers on certain types of banking services and to facilitate the settlement of those complaints.