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Withdrawal of Rs 2,000 notes: Alternatives emerge as people seek to exchange cash, says Axis Bank MD

It has been over a week since the Reserve Bank of India announced the withdrawal of Rs 2,000 notes, and individuals have been exploring various avenues to utilize these notes beyond visiting banks for exchanges. E-commerce deals, fuel stations, supermarkets, and even gold purchases have become alternative channels for utilizing the notes.

Amitabh Chaudhry, the Managing Director of Axis Bank, acknowledged the speculation that people are resorting to non-banking means to recycle their Rs 2,000 notes. He mentioned that it remains to be seen how this practice will impact the overall system in due course.

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