What to do if a bank refuses to exchange or accept your Rs 2,000 note?

Can a bank refuse to accept or exchange your Rs 2,000 currency not? Here's all you need to know

BS Web Team New Delhi
A man counting Rs 2,000 notes. Photo: Shutterstock

A man counting Rs 2,000 notes. Photo: Shutterstock

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The Reserve Bank of India (RBI) on Friday announced that it has withdrawn Rs 2,000 notes from circulation, and asked bank customers to deposit the notes or exchange them at any bank branch before September 30, 2023.
The RBI in its press release has made it clear that the public can deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch.

"The Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions,” said RBI.
But what to do if a bank refuses to accept or exchange the currency note?

The bank cannot go against the RBI directive and refuse to accept your currency note. If you face such a problem then the first thing you can do is file a complaint at the concerned bank.
However, if the bank does not respond within a period of 30 days after lodging the complaint or if the complainant is not satisfied with the response/resolution given by the bank, the complainant can lodge the complaint under the Reserve Bank - Integrated Ombudsman Scheme (RB-IOS), 2021 at the Complaint Management System portal of RBI (

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One can file complaint under the One Nation One Ombudsman Scheme in 4 ways:
  • Raise a complaint by dialing the toll-free number 14448 between 9:30 AM and 5:15 PM.
  • Write an email at
  • Send a physical complaint through post to the address: 'Centralised Receipt and Processing Centre', Reserve Bank of India, 4th Floor, Sector 17, Chandigarh - 160017 in accordance with the format available on the website.
  • Register a complaint online at

Steps to file a complaint online:

1) Visit the official website ( and click on the 'File a complaint' icon on the homepage2) Enter the Captcha code in the tab that opens after clicking on 'File a complaint'.
3) Enter your name and mobile number.
4) Click on the 'Get OTP' option and enter the OTP you receive on your mobile phone.
5) Enter your email ID and select the right 'Complainant Category' from the drop-down menu and fill in your details.
6) Select your state and district of residence from the drop-down menu and enter your address and pin code.
7) Select the name of the regulated entity from the drop-down menu, against which you intend to raise the complaint.
8) Give more details about your complaint. Answer the question regarding your complaint.
9) Upload a scanned copy of the complaint you raised with the bank. And mention if you got a reply or not and other details regarding your complaint.
10) Enter your ATM/Debit/Credit Card number or Loan/Deposit account number and click on 'Next'
11) Pick the suitable Complaint Category, Complaint Sub-category 1, and Complaint Sub-category 2 from the drop-down menu. After filling up all the information you will need to click on 'Next' again.
12) The final complaint page will open. You may upload additional documents here and may add an authorised representative. Review your application before making the final submission.
13) Download a copy of the complaint for future reference after you submit

First Published: May 21 2023 | 3:03 PM IST

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