Press Releases - ಆರ್ಬಿಐ - Reserve Bank of India
All You wanted to know from RBI about Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000 Notes
Press Releases
ಜನವರಿ 05, 2017
Clarification regarding Specified Bank Notes (SBNs)
There had been various estimates on SBNs tendered in certain sections. We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc. RBI has already initiate
There had been various estimates on SBNs tendered in certain sections. We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc. RBI has already initiate
ಡಿಸೆಂ 31, 2016
RBI introduces Facility for Citizens and NRIs who were Abroad for Exchange of SBNs
The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016. Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail
The Reserve Bank of India has introduced a facility of exchange of specified bank notes (SBNs) to give an opportunity to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016. Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail
ಡಿಸೆಂ 19, 2016
Issue of ₹ 500 banknotes with the inset letter ‘R’
In continuation of issuing of ₹ 500 denomination banknotes in Mahatma Gandhi (new) series which are currently legal tender, a new batch of banknotes with inset letter “R” in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, with the year of printing '2016’ are being issued The design of these notes is similar in all respects to the ₹ 500 banknotes in Mahatma Gandhi (New) Series which was notified through Press Release
In continuation of issuing of ₹ 500 denomination banknotes in Mahatma Gandhi (new) series which are currently legal tender, a new batch of banknotes with inset letter “R” in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, with the year of printing '2016’ are being issued The design of these notes is similar in all respects to the ₹ 500 banknotes in Mahatma Gandhi (New) Series which was notified through Press Release
ಡಿಸೆಂ 16, 2016
Issue of ₹ 500 banknotes in Mahatma Gandhi (New) Series with the inset letter ‘E’ having ‘star’ mark in the number panel
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi(New) series with the inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. Some of the captioned banknotes will have an additional character ‘*’ (star) in the number panel in the space between the prefix and the number. Pa
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi(New) series with the inset letter ‘E’ in both the number panels, bearing the signature of Dr. Urjit R. Patel Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. Some of the captioned banknotes will have an additional character ‘*’ (star) in the number panel in the space between the prefix and the number. Pa
ಡಿಸೆಂ 13, 2016
Shri R. Gandhi and Shri S. S. Mundra, RBI Deputy Governors brief Agencies on Currency Issues: Edited Transcript
Video link Shri R Gandhi: The banks have since the start of the programme on November 10, 2016 till December 10, 2016 issued notes valued at ₹ 4.61 lakh crore to the public over their counters and through their ATMs. Specified Bank Notes (SBNs) of ₹ 500 and ₹ 1000 returned to RBI and Currency Chests amounted to ₹ 12.44 lakh crore as of December 10, 2016. In this period, the RBI has also issued to the public through the banks and their branches a total of 21.8 billion
Video link Shri R Gandhi: The banks have since the start of the programme on November 10, 2016 till December 10, 2016 issued notes valued at ₹ 4.61 lakh crore to the public over their counters and through their ATMs. Specified Bank Notes (SBNs) of ₹ 500 and ₹ 1000 returned to RBI and Currency Chests amounted to ₹ 12.44 lakh crore as of December 10, 2016. In this period, the RBI has also issued to the public through the banks and their branches a total of 21.8 billion
ಡಿಸೆಂ 08, 2016
Issuance of ₹ 500 bank notes without inset letter, in the Mahatma Gandhi (New Series)
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The design of these notes to be issued now is similar in all respects to the ₹ 500 banknotes in Mahatma Gandhi (New) Series which was notified through Press Release : 2016-2017/1146 dated No
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, and the year of printing '2016' printed on the reverse of the banknote. The design of these notes to be issued now is similar in all respects to the ₹ 500 banknotes in Mahatma Gandhi (New) Series which was notified through Press Release : 2016-2017/1146 dated No
ಡಿಸೆಂ 01, 2016
Withdrawal of Legal Tender from SBNs: RBI cautions against Information received on Unsecured/Unofficial Channels
In the wake of withdrawal of legal tender character from the Specified Bank Notes (SBNs), the Reserve Bank of India has, from time to time, been issuing instructions to the banks which are sent directly to banks through an official mail. These are also placed on the Reserve Bank’s official website (https://www.rbi.org.in). It has been reported that certain guidelines/instructions purported to be issued by the Reserve Bank are being circulated in the social media by so
In the wake of withdrawal of legal tender character from the Specified Bank Notes (SBNs), the Reserve Bank of India has, from time to time, been issuing instructions to the banks which are sent directly to banks through an official mail. These are also placed on the Reserve Bank’s official website (https://www.rbi.org.in). It has been reported that certain guidelines/instructions purported to be issued by the Reserve Bank are being circulated in the social media by so
ನವೆಂ 25, 2016
Withdrawal of Legal Tender Status of ₹ 500 and ₹ 1000: Exchange Facility at RBI to continue
The Reserve Bank of India advises members of public that exchange of banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto. (However such exchange facility is no longer available at other banks' counters). Alpana Killawala Principal Adviser Press Release: 2016-2017/1317
The Reserve Bank of India advises members of public that exchange of banknotes in ₹ 500 and ₹ 1000 denominations, whose legal tender status has been withdrawn, will continue to be available at the counters of the Reserve Bank upto the current limits per person as hitherto. (However such exchange facility is no longer available at other banks' counters). Alpana Killawala Principal Adviser Press Release: 2016-2017/1317
ನವೆಂ 22, 2016
Exchange Facility - Reports of misuse - Caution to Public
The facility for public to exchange the specified bank notes (old notes in ₹ 500 and ₹ 1000) for legal tender notes and allowing them to deposit into bank accounts in unlimited amounts is provided to enable members of the public in possession of these notes as on the date of the announcement to secure the value of these notes either through exchange or by deposit into their bank accounts. It is reported that certain gullible persons are exchanging these notes on behal
The facility for public to exchange the specified bank notes (old notes in ₹ 500 and ₹ 1000) for legal tender notes and allowing them to deposit into bank accounts in unlimited amounts is provided to enable members of the public in possession of these notes as on the date of the announcement to secure the value of these notes either through exchange or by deposit into their bank accounts. It is reported that certain gullible persons are exchanging these notes on behal
ನವೆಂ 22, 2016
Special measures to incentivise Electronic Payments
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
In order to meet the transactional needs of the public through digital means, the Reserve Bank has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed Prepaid Payment Instruments (PPIs). A special dispensation has now been enabled for small merchants whereby PPIs issuers can issue PPIs to such merchants. While balance in such PPIs cannot exceed ₹ 20,000/- at any point of time, the merchants can tr
ನವೆಂ 18, 2016
Withdrawal limits and customer fee/charges for POS relaxed
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
The Reserve Bank of India had issued instructions to banks on November 14, 2016 that banks shall waive levy of ATM charges for all transactions by saving bank customers done at all ATMs, irrespective of the number of transactions during the month, from November 10, 2016 till December 30, 2016, subject to review. As another customer-centric measure, the limit for cash withdrawal at POS has been made uniform at to ₹ 2000/- per day across all centres (Tier I to VI) for a
ನವೆಂ 17, 2016
Supply of Notes Sufficient; Do Not Panic or Hoard Currency: RBI reiterates
The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes. Alpana Killawala Principal Adviser Press Release : 2016-2017/1235
The Reserve Bank of India has once again clarified today that there is sufficient supply of notes consequent upon increased production which started nearly two months ago. Members of public are requested not to panic or hoard currency notes. Alpana Killawala Principal Adviser Press Release : 2016-2017/1235
ನವೆಂ 15, 2016
Withdrawal of Legal Tender Character of Specified Bank Notes: RBI asks Cooperative Banks to ensure Strict Compliance to its Instructions
There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes). The Reserve Bank of India today informed that it has advised the Urban Cooperative Banks through its Regional Offices and the State Cooperative Banks through National Bank for Agricultural and Rural Development (NABARD) of the need to ensure stri
There were reports that some cooperative banks were not strictly adhering to the instructions issued in connection with the withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes). The Reserve Bank of India today informed that it has advised the Urban Cooperative Banks through its Regional Offices and the State Cooperative Banks through National Bank for Agricultural and Rural Development (NABARD) of the need to ensure stri
ನವೆಂ 14, 2016
Usage of ATMs - Waiver of customer charges
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
The Reserve Bank of India has today decided that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month. The above waiver of charges on ATM usage will be effective from November 10, 2016 till December 30, 2016, subject to review. Alpana Killawala Principal A
ನವೆಂ 14, 2016
DCCBs can allow existing customers to withdraw upto ₹ 24,000 from their accounts : RBI
The Reserve Bank of India has today clarified that District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto November 24, 2016. However, no exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by them. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on ne
The Reserve Bank of India has today clarified that District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week upto November 24, 2016. However, no exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by them. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on ne
ನವೆಂ 14, 2016
Constitution of Task Force for enabling dispensation of Mahatma Gandhi (New) Series Banknotes - Recalibration and reactivation of ATMs
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs. 2. ATMs play a vital role in meeting the currency requirements of the public and have become a major channel for disbursement of cash. Re-activation of ATMs extends the availability and disbursal of notes for the customers of banks at convenie
It has become necessary to re-calibrate all ATMs/ Cash handling machines to dispense the new design notes following introduction of Mahatma Gandhi (New) Series Banknotes including a new High Denomination (₹ 2000) in new designs. 2. ATMs play a vital role in meeting the currency requirements of the public and have become a major channel for disbursement of cash. Re-activation of ATMs extends the availability and disbursal of notes for the customers of banks at convenie
ನವೆಂ 13, 2016
Don't draw and hoard; enough cash in small denominations available at RBI and banks: RBI
The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it. Alpana Killawala Principal Adviser Press Release : 2016-2017/1194
The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it. Alpana Killawala Principal Adviser Press Release : 2016-2017/1194
ನವೆಂ 13, 2016
Issue of ₹ 500 banknotes inset letter ‘L’ in Mahatma Gandhi (New) Series
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘L’ in both the number panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and des
The Reserve Bank of India will shortly issue ₹ 500 denomination banknotes in Mahatma Gandhi (New) Series with inset letter ‘L’ in both the number panels, bearing the signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India, the year of printing '2016’ and Swachh Bharat Logo printed on the reverse of the Banknote. The new ₹ 500 banknotes are different from the earlier specified bank note (SBN) series in colour, size, theme, location of security features and des
ನವೆಂ 12, 2016
Withdrawal of Legal Tender Character of ₹ 500 and ₹ 1,000: RBI Statement
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner as possible and in a non-disruptive way and provide in exchange notes of other denominations which are legal tender. It entailed swift withdrawal of the specified bank notes from the ATMs also within a few hours of the announcement, recalibrating these for
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner as possible and in a non-disruptive way and provide in exchange notes of other denominations which are legal tender. It entailed swift withdrawal of the specified bank notes from the ATMs also within a few hours of the announcement, recalibrating these for
ನವೆಂ 12, 2016
Authorities are closely monitoring Information through Reports: RBI
The Reserve Bank of India today clarified that as part of the instructions issued to banks, including to cooperative banks, regarding withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes), detailed reporting system has been put in place. The Reserve Bank further stated that with a view to preventing misuse of the facility, the authorities are closely monitoring the information received through these reports about exchange
The Reserve Bank of India today clarified that as part of the instructions issued to banks, including to cooperative banks, regarding withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes), detailed reporting system has been put in place. The Reserve Bank further stated that with a view to preventing misuse of the facility, the authorities are closely monitoring the information received through these reports about exchange
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