Big relief for people: RBI takes a U-turn on Rs 5,000 deposits restriction

Big relief for people: RBI takes a U-turn on Rs 5,000 deposits restriction

Submitted by Rashmi on Wed, 2016-12-21 13:21 New Delhi: The Reserve Bank of India on Wednesday has withdrawn its earlier order that account holders depositing more than Rs 5,000 will be questioned. In a total U-turn, the RBI has now stated that KYC account holders depositing more than Rs 5,000 will not be asked questions The Wednesday’s order is being seemed as a damage control by the RBI following severe backlash over its earlier order by the people and even on social media.