RBI vide circular dated November 24, 2016 has decided that no over the counter exchange (in cash) of SBNs will be permitted after midnight of November 24, 2016. Members of public who approach the banks for over the counter exchange of SBN may be encouraged to deposit SBNs into their bank accounts. Banks shall also ensure to facilitate opening of new accounts for unbanked people.

Source: www.rbi.org.in