‘Reverse Bank of India’: Twitter reacts to RBI’s U-turn on cash deposits | india-news | Hindustan Times
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‘Reverse Bank of India’: Twitter reacts to RBI’s U-turn on cash deposits

The Reserve Bank of India partially reversed a controversial rule on Wednesday that restricted people from depositing over Rs 5000 in old banknotes more than once till December 30.

india Updated: Dec 21, 2016 15:32 IST
HT Correspondent
Reserve Bank of India

People queue outside a State Bank of India branch in Mayur Vihar in New Delhi.(Sushil Kumar/HT Photo)

The Reserve Bank of India partially reversed a controversial rule on Wednesday that restricted people from depositing over Rs 5000 in old banknotes more than once till December 30. The relaxation will, however, only apply to “fully KYC compliant accounts”.

The move is the latest in a series of alteration of rules pertaining to banks after the government recalled high-value bills.

People on social media are having a laugh after the RBI’s latest announcement.

The Reserve Bank of India had on Monday announced that deposits above Rs 5,000 in scrapped currency notes can be made only once till December 30.

One particular clause - any deposit of over Rs 5,000 will be subject to questioning by two bank officials, who have to be given a “satisfactory explanation” for why the old notes were not deposited earlier - drew a ton of ire from citizens on social media..

Former Aam Aadmi Party leader, Yogendra Yadav tweeted an image of a hand-written note he gave to his bank for as “explaination” for “making a small deposit”. The note read, “I was assured by the Prime Minister, the Finance Minister and the RBI that there was no need to rush to the banks and that I had till 30th December for making any deposit. I believed them.”

Like Yadav, others cited the government’s official statements as their ‘satisfactory explanation’ to the banks.

People also pointed out that the sudden rule change looks worse after the government’s extensive advertising campaigns asking people to not rush to the banks.

Banks had also put out notices earlier assuring customers that their money was safe and the they have till December 30th to make the deposits.

The new rules haven’t completely sapped out humour.