Has Demonetisation Forced Friendly Private Banks to Turn Hostile?
- 5 years ago
After the RBI’s 59th ruling on demonetisation that allowed a one-time deposit of old notes till 30 December – with depositors being grilled by bank authorities if they have over Rs 5,000 – I decided to deposit Rs 20,000 old notes in my account. Like several people, I was holding out until the last moment to avoid the long queues.
Seventy-two hours after the notification, the government rolled back the ruling within due to public outrage, saying that depositors will no longer be grilled. But I was one of the unfortunate depositors who went to deposit money before the decision was reversed.
Visiting a bank had always been an uneventful, boring affair – but this time it was distressing. The moment I told a bank employee that I had money to deposit, he stared at me as if I were a criminal. But the worst was yet to come.
Video: The Quint
Music: Big Bang Fuzz
Seventy-two hours after the notification, the government rolled back the ruling within due to public outrage, saying that depositors will no longer be grilled. But I was one of the unfortunate depositors who went to deposit money before the decision was reversed.
Visiting a bank had always been an uneventful, boring affair – but this time it was distressing. The moment I told a bank employee that I had money to deposit, he stared at me as if I were a criminal. But the worst was yet to come.
Video: The Quint
Music: Big Bang Fuzz