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.