98% of ₹2000 banknotes returned to banks: RBI
The Reserve Bank of India (RBI) provided an update on the status of ₹2000 denomination banknotes on Monday, confirming that 98.26% of these notes have been returned to the banking system since their withdrawal from circulation was announced in May 2023.
As per the RBI, the total value of ₹2000 notes in circulation stood at ₹3.56 lakh crore as of May 19, 2023, the date on which their withdrawal was announced. This figure has now come down sharply to ₹6,181 crore by the end of May 31, 2025.
The facility for deposit or exchange of ₹2000 banknotes was initially available at all bank branches across the country until October 7, 2023. Following this, the exchange facility has remained operational at the 19 Issue Offices of the Reserve Bank. Since October 9, 2023, these offices have also been accepting ₹2000 notes for deposit into individual or entity bank accounts.
In addition to the RBI Issue Offices, the public has also been availing the option of sending ₹2000 banknotes via India Post from any post office in the country to designated RBI offices for direct credit into their bank accounts.
Despite the withdrawal from circulation, the RBI has reiterated that the ₹2000 banknotes continue to remain legal tender. The central bank had first announced the withdrawal through a press release dated May 19, 2023, and has been providing periodic updates since then. The latest status was shared through a press release dated May 2, 2025.
The move to withdraw the ₹2000 notes was part of the RBI’s ongoing currency management operations and has now seen the vast majority of these high-denomination notes returned to the formal banking system.
