Two days after sending the nation into a tizzy by introducing a rather weird rule of questioning people over late deposits and source of income by bank officials, the Reserve Bank of India has modified its circular.
On December 19, the RBI had issued a circular that asked banks to question people with deposits of over Rs 5,000 to make on why were they coming to the bank so late after demonetisation and how they got the cash in the first place.
People were required to give in writing answers to questions like ‘Why the money could not be deposited earlier‘ and ‘What’s the source of funds‘.
However, on Wednesday, the RBI issued a fresh circular directing the banks not to question people from now on.
On Tuesday, people from across India reported inconvenience over unnecessary questioning by bank officials for depositing their own money. ScoopWHoop too visited a bank on Tuesday and reported a first-hand account of the ordeal.
