India-based ICICI Bank has announced its decision to require non-bank customers for ID proof in order for them to exchange IRN 2,000 banknotes. Following the Reserve Bank of India’s announcement regarding the need to withdraw the INR 2,000 note from circulation, banks and financial institutions across the region started to accept INR 2,000 notes for exchange from their clients and customers.

According to the press release, individuals that don’t have an account with the ICICI Bank will be asked for ID proof in order for them to have the possibility to exchange the INR 2,000 notes. Furthermore, they will need to also provide the required form for note exchange as the bank will have to submit the transaction details and information with the Reserve Bank of India (RBI) immediately after the procedure is done. Customers of the bank will not need to submit any ID proofs or details regarding their identity for the exchange of notes.

More details on the withdrawal of IRN 2,000 banknotes Clients will be able to exchange a limited amount of IRN 20,000 at the time, but the process can be repeated multiple times during one day, for both non-customers and customers of ICICI Bank. Any suspicious type of activity will be reported to the central bank and all the transactions will be under scrutiny by the banks’ officials. Earlier in May, the RBI mentioned that users will be able to go to their bank and submit their money in IRN 2,000 notes in their accounts, with no deposit limit, while the general KYC and other requirement norms for cash deposits will be applied.

The IRN 2,000 notes are set to continue to be legal tender, as clients will be allowed to deposit any number of the banknotes into their accounts from May 23, 2023, to September 20, 2023, as mentioned by HDFC Bank. Moreover, the exchange facility is set to be provided free of cost. ICICI Bank’s partnerships and product launches In May 2023, India-based Pine Labs announced its partnership with ICICI Bank in order to accept digital IRN payments at its point-of-sale (PoS) terminals. Following this partnership, the companies were set to facilitate e-IRN payments across several retail outlets in Bengaluru and Mumbai while using a dynamic QR system built within Pine Labs’ smart Android PoS terminals.

Earlier in April 2023, ICICI Bank introduced an EMI facility for UPI payments and transactions, which were made by customers scanning a given QR code via leveraging PayLater. Through the integration, clients that were eligible for PayLater, ICICI Bank’s BNPL service, were given the opportunity to avail of the EMI facility in a fast and safe manner. The facility was developed in order to enhance the affordability of lakhs of the financial institution’s clients.

This enabled them to instantly buy products, tools, and solutions by scanning the given QR code, which was required by the merchant, and making payments in EMIs. In January 2023, ICICI Bank rolled out digital solutions comprising of a set of banking and value-added services on a single platform, looking to digitise the export lifecycle. With this initiative, the company was looking to simplify the journey of exporters by having the time-intensive manual procedure decongested for improving overall operational efficiency.

The suite of services digitised the export lifecycle in its entirety, ranging from the discovery of export finance, export markets, and foreign exchange products to the receipt of export incentives. .