RBI Reverses Notification For Deposits Exceeds Rs 5000
Reserve Bank of India earlier announced that people can deposit their money with proper explanation if it exceeds Rs 5000. They cannot deposit more than Rs. 5000 without proper explanation before the bank officials. There will not be any queries for KYC accounts or Know Your Customer accounts connected with Aadhar.
Due to heavy backlash the RBI reversed its announcement and given fresh notifications. Now the people can deposit more than Rs.5000 without any queries until December 30th. It is 60th notifications from RBI after government announced demonetization. Congress calls RBI as Reverse Bank of India. PM Modi's was praised for the brave action but being criticized for its execution that lead people to remain in long queue for their own money.
Here are some of the backlash tweets.
Last 43 days have seriously undermined whatever credibility the RBI had built up over decades. Now laughing stock -- Reverse Bank of India.
— Rahul Kanwal (@rahulkanwal) December 21, 2016
Within two short months, the RBI has lost credibility and legitimacy built carefully over decades. Will take a long time to restore
— Sidharth Bhatia (@bombaywallah) December 21, 2016
At this rate, RBI will soon be the Rollback Bank of India! 😄
— Rajdeep Sardesai (@sardesairajdeep) December 21, 2016