RBI website crashes after announcing the scrapping of ₹2,000 notes | Latest News India - Hindustan Times
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RBI website crashes after announcing the scrapping of 2,000 notes

May 19, 2023 08:25 PM IST

The official website of the Reserve Bank of India (RBI) crashed due to the heavy search volume after it asked banks to stop issuing the ₹2000 banknotes.

After the Reserve Bank of India (RBI) announced the scrapping of the seven-year-old 2000 notes, the official website of the central bank crashed as people rushed to know more details about the announcement.

Reserve Bank of India (RBI) Governor Shaktikanta Das.(AP)
Reserve Bank of India (RBI) Governor Shaktikanta Das.(AP)

Earlier, the website had faced a similar fate following heavy traffic after PM Narendra Modi's surprise demonetisation of 500 and 1,000 notes in November 2016. The announcement had also caused long queues at ATMs and petrol pumps.

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Read | How to exchange your 2000 notes after RBI scraps its circulation: FAQs answered

Notably, the 2,000 denomination bank note was introduced in November the same year to meet the economy’s requirements notes following the withdrawal of 500 and 1,000 notes. However, since banknotes in other denominations became readily available, the objective of introducing the 2000 banknotes has been fulfilled, leading to the discontinuation of their printing in 2018-19.

Approximately 89% of the 2000 banknotes were issued before March 2017 and are nearing the end of their estimated lifespan of 4-5 years.

The decision to withdraw the 2000 banknotes from circulation is part of its “Clean Note Policy.”

The 2,000 notes will continue to be legal tender till September 30 as RBI has asked banks to provide deposit and exchange facilities for 2,000 notes until the end of September.

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