The withdrawal of the ₹2,000 note was part of a demonetization effort to combat corruption and counterfeit currency. Initially rushed into circulation to meet demand, it inadvertently fueled hoarding and illegal activities. The RBI ceased printing these notes due to their limited usefulness in transactions, aiming to reduce cash circulation, boost liquidity, and encourage bank deposits. PSU banks in India achieved a remarkable turnaround, transitioning from a cumulative loss of around ₹93,500 crore over three years to a profit of ₹1 lakh crore in FY’23. This transformation, aided by government reforms and capital infusion, marks a significant achievement in the banking sector.
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