The four currency printing presses of the Reserve Bank of India (RBI) are working round the clock to print ₹500 notes to replace ₹2,000 notes worth the ₹3.62 trillion being withdrawn from circulation, two people aware of the matter said.
This is because more customers are coming forward to exchange ₹2,000 notes instead of depositing them in their accounts.
A visit to Mumbai’s Zaveri Bazaar, the heart of the city’s gold market, revealed that crowds at bank branches have increased. Many customers Mint spoke to had come to exchange ₹2,000 notes at bank branches on behalf of their employers.
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