RBI Means 'Reverse Bank of India'!

New Delhi: Congress Party made a jibe against RBI by calling it as 'Reverse Bank of India' for frequent changes and U-turns of its own decisions.

AICC Communications In-Charge, Randeep S Surjewala ‏slammed RBI by saying "Unfortunately, Reserve Bank of India has become 'Reverse Bank of India'. RBI has changed Demonetisation norms 126 times in 43 days."

Today, The RBI in a sharp U-turn withdrew the circular for KYC compliant accounts that barred people from depositing over Rs 5,000 in banned currency more than once till December 30.

On Nov 19, the Reserve Bank Of India had announced that deposits of banned Rs 500 and Rs 1,000 notes in excess of Rs 5,000 will be allowed only once till Dec 30, that too after strict scrutiny. But on the same day night, FM Jaitley had announced that one time deposit till Dec 30 may not invite scrutiny by bank officials.

These statements attracted confusion as Jaitley contradicted the Reserve Bank's notification.