The Reserve Bank of India (RBI) on Monday said 76% of the Rs 2,000 notes have returned to banks since it announced its withdrawal from circulation.

While 87% of these notes were deposited in banks, the remaining 13% were exchanged.

On 19 May , the RBI announced the withdrawal of Rs  2,000 notes in circulation and gave the public time till 30 September to either deposit the currency notes in their bank accounts or get them exchanged.

"According to the data received from the banks, the total value of Rs  2,000 banknotes received back from circulation after the announcement on 19 May is Rs 2.72 lakh crore up to 30 June 2023,” the RBI said.

Consequently, Rs 2,000 banknotes in circulation as at the close of business on 30 June stood at Rs 0.84 lakh crore.

"Thus, 76% of the Rs 2,000 banknotes in circulation as on 19 May 2023, have since been returned,” the RBI said.

Data collected from major banks indicates that out of the total banknotes in Rs 2000 denomination received back from circulation, about 87% is in the form of deposits and the remaining around 13% has been exchanged into other denomination bank notes.