Reserve Bank or Reverse Bank of India: Twitterati mocks RBI's latest flip-flop

The Reserve Bank of India scrapped its latest rule that restricted people from multiple deposits of over Rs 5,000 in old banknotes more than once till 30 December. The RBI has now said that only those haven’t furnished the Know-Your-Customer (KYC) documentation will be interrogated on deposits above Rs 5,000.

People were taken aback with this new entrant in the RBI’s list of rules pertaining to demonetisation that subjected them to questioning. Like most things, it became the topic for the day on Twitter. People fervently criticised the clause that required citizens to state a “satisfactory explanation” for why the old notes were not deposited earlier and took to social media to express their fury.

Former Aam Aadmi Party leader, Yogendra Yadav tweeted an image of a note that served as his explanation for making the deposit. The note stressed on the assurance given to the citizens by the prime minister, the finance minister and the RBI that they could make their deposits until 30 December.

Citizens cited the official statements made by the government that had promised that the citizens would be given enough time to deposit their money, as their “explanations” to the banks and tweeted their responses.

My reason for deposit #DeMonetisation — Piyu (@PBnrg) December 20, 2016

RBI’s latest announcement of the rule reversal has left people perplexed. People took to twitter to criticise yet another alteration in the rulebook of demonetisation. Amidst the frustration, there was humour too.

RBI is now the #ReverseBankOfIndia changing #DeMonetisation norms 126 times in 43days. Now,2 types of KYC & non KYC A/C holders created.Why? — Randeep S Surjewala (@rssurjewala) December 21, 2016


Banks had put out notices earlier assuring customers that they could make their deposits till 30 December. The flip-flops in the rules since the announcement on 8 November has created chaos in the banking system of the country.

Updated Date: Dec 22, 2016 13:07:13 IST