The move comes amid reports that the apex bank is all set to release a new denomination, Rs 200 soon.
The central bank had reportedly decided to bring in Rs 200 notes in March after consulting the finance ministry, they said. The notes are going through multiple checks for security and quality at government printing presses.
Mint reported that currently, the focus is on Rs 200 and Rs 500 denominations.
With the introduction of a new, yet relatively lower denomination currency note, the RBI is hopping to ease the currency crunch which is still prevalent in most parts since November 2016, when the Rs 500 and Rs 1,000 notes which constituted for more than 85 per cent of the total notes in circulation was withdrawn.
Even after seven months have passed since the deadline to exchange the demonetized notes expired, the RBI hasn't revealed the value of old notes which have come back.