2000 banknotes exchange: What will happen if a bank refuses to exchange, accept deposits of Rs 2,000 banknotes?

2000 banknotes exchange: What will happen if a bank refuses to exchange, accept deposits of Rs 2,000 banknotes?

Following the Reserve Bank of India’s announcement that it has withdrawn Rs 2000 note from circulation, bank customers should deposit the notes or exchange them at a bank branch before September 30, 2023. The announcement was made on Friday, May 19, 2023.

According to the RBI press release dated May 19, 2023, “, Members of the public may deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch. 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”

What will happen if a bank refuses to exchange or accept deposit of Rs 2000 banknote?
If a bank refuses to exchange or accept deposit of Rs 2000 banknote, one can file a complaint at the concerned bank.

RBI circular on ₹2,000 notes: Here’s what you can do with your pink notes

Although the ₹2,000 notes will still be accepted, Indian citizens must deposit or exchange them by September 30, 2022. This action will increase deposit rates and stabilise the banking system. Watch

According to the press release, “For redress of grievance in case of deficiency of service, the complainant / aggrieved customer may first approach the concerned bank. If the bank does not respond within a period of 30 days after lodging of 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 (cms.rbi.org.in).

How to file a complaint under new One Nation, One Ombudsman Scheme
There fours ways to file a complaint using the One Nation One Ombudsman Scheme.

  • You can call on the toll-free number 14448 between 9:30 am and 5:15 pm.
  • You can send the complaint to this email address: CRPC@rbi.org.in.
  • You can send a physical complain through post to the address: ‘Centralised Receipt and Processing Centre’, Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017 in the format given as annex at the link https://rbidocs.rbi.org.in/rdocs/content/pdfs/RBIOS2021_121121.pdf

You register a complaint online at https://cms.rbi.org.in
Here is step-by-step guide on how to file a complaint online using the Integrated Ombudsman Scheme.

Step 1: Visit https://cms.rbi.org.in and click on the option ‘File a complaint’ on the homepage.
Step 2: A separate tab will open wherein you will have to enter the Captcha code. Do keep in mind that the Captcha code is case sensitive.
Step 3: Once you enter the correct Captcha code, another tab will open where you will be required to enter your name and mobile number.
Step 4: Once you enter your name and mobile number click on the ‘Get OTP’ option. You will receive the OTP on the mobile number you have entered (do make sure it is an active one). Once you receive the OTP and enter it, a new tab will open to enter further details.
Step 5: You will need to enter your email ID and select the right ‘Complainant Category’ from the drop-down menu. If you select the category as Individual, it will ask you to enter your age and gender. Other categories include Individual-Business, Proprietorship Partnership, Limited Company, Trust, Association etc.
Step 6: Next, you will need to select your state and district of residence from the drop-down menu. You then need to enter your address and pin code. At the bottom of the page, you will be required to select the name of the regulated entity from the drop down menu, against which you intend to register the complaint. This list is quite long and finding the name by scrolling could be quite cumbersome so typing the name in the search box will work better.
Step 7: Once you enter the name of the regulated entity, you will have to give more details about the complaint. This includes information on whether the complaint is new, if it is sub-judice/under arbitration/already dealt with on merits by a Court/Tribunal/Arbitrator/Authority. For a new complaint you need to select the “No” option.

There are 5 more questions to answer regarding the complaint. This is done to ascertain whether the complaint really qualifies to be registered under One Nation One Ombudsman scheme. Once you are done answering all the questions, click on ‘Next’.

Step 8: A new tab will open. Here, you will be asked if you have filed a written/electronic complaint with the regulated entity. If you select ‘Yes’, you will be asked details of the complaint like date of complaint and will also have to upload a scanned copy of complaint. You will also need to mention if you have received a reply or not; whether you have reminded the entity or not. Next, you will need to give the date of disputed transaction. You will also have to clarify whether the complaint is against the wallet of the regulated entity or a business correspondent. Next you will have to mention your ATM/Debit/Credit Card number or Loan/Deposit account number. Once you enter these details click on ‘Next’.
Step 9: A new tab will open where you will have to enter details of the complaint category. You will have to pick the suitable Complaint Category, Complaint Sub-category 1, and Complaint Sub-category 2 from the drop down menu. You will then need to enter the facts of the complaint which should not be more than 2,000 characters. You will also need to fill the amount of the dispute, compensation for dispute and expenses incurred. After filling all the relevant information you will need to click on ‘Next’.
Step 10: You have now reached the final page of the complaint process. Here you can upload any additional document that you have to support your complaint. If you wish to authorise somebody to appear on your behalf, you will need provide details of the authorized representative. If you are filing it yourself, select the ‘No’ option. After this you will need to declare the accuracy of the information by checking the tick box. You can now review and submit your complaint. Do make sure to download and save a copy of the complaint for future reference.

You can go the home page https://cms.rbi.org.in to track the status of complaint, to file an appeal or to get feedback.

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Author: Shirley