Not many were seen lining up at banks to exchange ₹2000 notes on Tuesday as they opened the window for the swap.
Speaking to The Hindu, many bankers said the response from the customers had been minimal. Apart from the confusion over the rules of the exchange, a major reason cited by the customers is the likelihood of their accounts getting under the IT Department’s radar. Those willing to play safe are adopting a ‘wait and watch’ policy, as the deadline is for September.
“The customer footprint concerning the exchange of ₹2000 notes is meagre,” said K. Sailendranath, Andhra Pragati Grameena Bank (APGB) Assistant General Manager and in-charge of Tirupati and Nellore districts. He, however, expects the number to rise in the coming days after the customers develop clarity and confidence about the process.
The rural areas hardly had any impact as most people have not transacted with ₹2000 notes for long. Sources on condition of anonymity told The Hindu that some customers preferred to repay their loans in ₹2000 denomination as the banks are bound to accept the notes, and allegedly, such accounts could still stay off the radar of the IT Department.
“Deposits are being made in the bank in ₹2000 denomination, but there is not a single walk-in customer to exchange the notes across the counter on the first day”, says Andhra Pradesh State Cooperative Bank (APCOB) Tirupati Branch Manager M. Prasad.
Compared with the nightmare of 2016, when employees had to work overtime to handle the customer rush, the rush this time is insignificant. “Our employees are fully geared up to meet the rush, but we don’t foresee any such trouble as the deadline is quite far,” says L. Chandrasekhar, General Secretary of State Bank of India Staff Union (Andhra Pradesh)
