80% aware of RBI's decision to withdraw 2K banknotes - Ipsos IndiaBus Poll

8 in 10 urban Indians polled (80%) claim to be aware of the RBI ruling on the withdrawal of Rs. 2000 denomination banknotes from circulation on May 19th, 2023 (though it continues to be a legal tender and can be exchanged or deposited by the cut off date of Sept. 30th, 2023). 

Interestingly, awareness about the RBI ruling of discontinuing 2K banknotes, was seen to be higher among men (85%) vis-à-vis women (74%). Awareness was also higher among students (88%), employed (83%), those with higher education (85%), those living in the metros (94%), tier 2 towns (89%) and those living in the western part of India (88%); awareness was comparatively lower among the residents of tier 3 cities (62%).   

Reactions to the RBI ruling

Interestingly, 44% of citizens supported the move of the RBI of withdrawing the 2K currency as there was enough time given to exchange/ deposit the currency; 16% while supported the decision, at the same time felt it was causing inconvenience; 22% disapproved the move and felt it was unnecessary and 18% were undecided.    

Reasons for withdrawal of 2000 denomination banknotes?

The views were divided. While 35% felt it was a move against corruption, 30% felt it was a politically motivated move and 30% were undecided. Interestingly 1 in 2 respondents polled (50%) said they are unaffected by the RBI decision on 2K currency withdrawal. 25% of those polled said they are affected. Those in the East were most affected (38%) and the South (31%). 

Commenting on the findings of the survey, Parijat Chakraborty, Group Service Line Leader, Public Affairs and Corporate Reputation, Ipsos India said,"Unlike in 2016 when 80% of the currency was impacted during demonetisation, the 2000 rupee bank note withdrawal from circulation has not led to any panic as it continues to be a legal currency and the RBI has provided with a comfortable window until Sept 30th, 2023 for exchange or deposit. Rationale for withdrawal showed divided views, so what ever the reason, whether to combat corruption or other surmises posed, the disapproval numbers were not alarming."      

Ipsos IndiaBus is a monthly pan India omnibus (which also runs multiple client surveys), that uses a structured questionnaire and is conducted by Ipsos India on diverse topics among 2200+ respondents from SEC A, B and C households, covering adults of both genders from all four zones in the country. The survey is conducted in metros, tier1, tier 2 and tier 3 towns, providing a more robust and representative view of urban Indians. The respondents were polled face to face and online. We have city-level quota for each demographic segments that ensure the waves are identical and no additional sampling error. The data is weighted by demographics and city-class population to arrive at national average. For happiness index, two waves rolling data were used. Rolling data is calculated as an average of 2 months data point. 

Data collection is done in every month and the results are calculated on two-months’ rolling sample.