Several other banks, however, have not decided on the process they will adopt during the four-month exercise to exchange and deposit the higher denomination banknotes from Tuesday. All banks will be required to put in place a system they intend to adopt on Monday.
SBI, the country’s largest lender, clarified its position in a communication to its chief executives on Saturday, amending a set of instructions that had been issued the day before. In its Sunday edition, TOI had reported that the RBI did not require the presentation of ID or the completion of any forms. He just wants the deposit rules to be followed.
While SBI’s decision may affect how other banks approach operation, particularly those in the public sector, it may not be as easy to change notes at private banks.
Getting a cashier’s check from a private lender where you don’t have a bank account is also not an easy task with several branches rejecting customers saying they are not authorized to provide the facility. And those without Aadhaar o PAN in their possession are often made to follow a long process. Even during demonetization, public sector actors had to bear most of the burden, especially when it came to those without bank accounts.
Over the weekend, state-owned banks consulted with their area offices to establish the process and facilitate the exchange. The RBI has allowed up to 10 Rs 2,000 notes to be exchanged at bank branches with no limit on the amount to be deposited into bank accounts.
The sources said there is no restriction on how many times a person can queue, even at the same bank branch. The idea is to facilitate the exchange of high denomination banknotes as part of RBI’s ‘clean banknote policy’.