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Tuesday, June 15, 2021

It’s now ‘Reverse Bank of India’; Twiteratti weighs in on RBI’s latest rule

RBI's directive also came under heavy criticism from the Congress vice-president Rahul Gandhi, who tweeted “RBI is changing rules like the PM changes his clothes”.

By: Trends Desk | New Delhi |
December 21, 2016 6:53:25 pm
reserve bank of india, rbi, rbi latest rules, rbi latest rule, demonetisation, demonetisation, demonetisation rbi, rbi latest change in demonetisation, rbi rs 5000 limit, rbi rs 5000 withdraw, indian express, indian express news, indian express trending, viral This outburst comes at the heels of the RBI withdrawing its Rs 5,000 cash deposit limit for KYC-compliant accounts.

It has been 43 days since Prime Minister Narendra Modi announced the demonetisation of high-value currency notes of old Rs 500 and Rs 1,000. Within this period of time, people across the country have largely spent their time standing in the never-ending bank and ATM queues to withdraw their own hard-earned money. As if the situation was not miserable already, the RBI also seems to have been on a norm-changing spree, with its new rules and the rollbacks on demonetisation coming up almost every day.

The Congress, which was in staunch opposition of the government’s decision, criticised the central bank for “changing the norms 126 times” since Prime Minister Narendra Modi announced the scrapping of the old currency notes on November 8. So much so, that the party called the apex bank the “Reverse Bank of India”. This outburst comes at the heels of RBI withdrawing its Rs 5,000 cash deposit limit for KYC-compliant accounts.

See what else is going viral

RBI had previously announced that all deposits exceeding Rs 5,000 cash deposit limit will be scrutinised. It said that the depositors will have to give a satisfactory explanation as to why they couldn’t debit the money earlier. The unprecedented changes that the RBI is bringing at such a rate has got the Twitterati talking and they seem to be mincing no words!

ALSO READ | Yogendra Yadav’s very sensible ‘explanation’ to the bank for delay in depositing money has gone viral

Sample some of the tweets the latest RBI move has garnered, here


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