Changing of Rs 2,000 currency notes off to a slow yet smooth start

Banks continue to use discretion on filling up forms

The withdrawal of Rs 2,000 denomination bank notes, which started last week, went on smoothly as most bank branches and the Reserve Bank of India (RBI) regional offices saw lukewarm response in the first week.

According to central banking sources, most Rs 2,000 notes were deposited the first week, while only 20 per cent was exchanged.

Rural bank branches saw greater activity than urban areas, bankers said. There was no shortage of other denomination currencies in bank branches, and even if there was, it was replenished quickly, bankers said. “People who are hoarding those notes are still watching the process