Public and entities holding such notes were initially asked to either exchange or deposit them in bank accounts by September 30. The last date was later extended to October 7.
The total value of Rs 2000 banknotes in circulation was Rs 3.56 lakh crore at the close of business on May 19, 2023 - the date on which RBI decided to withdraw the banknote.
The intent behind the large exposure framework is essentially to limit the exposures to a single entity or group as it poses a potentially higher risk in case of a business setback
RBI Governor Shaktikanta Das said the central bank is concerned and it has identified high inflation as a major risk to macro-economic stability and sustainable growth
The UDGAM portal has been developed by RBI for use by members of the public to facilitate and make it easier for them to search their unclaimed deposits across multiple banks at one place.
Forex traders said the rupee consolidated in a narrow range as investors preferred to stay on the sidelines ahead of the Reserve Bank of India's rate decision.
RBI typically conducts six bi-monthly meetings in a financial year, where it deliberates interest rates, money supply, inflation outlook, and various macroeconomic indicators
Come October 1, the note will be just another piece of paper with no value. This comes months after the central bank announced that the Rs. 2000 notes will be taken out of circulation.
The governor had agreed to convene this special meeting on 30 or 31 August subject to 'all directors attending it', the memoir published by Harper Collins said.
Addressing directors of UCBs in the financial capital at an RBI-organised conference, Das urged that such lenders should improve the governance standards, avoid related-party transactions and focus on credit risks, among others.
