Banks informally told to not accept more than Rs 2.5 lakh deposit per transaction

December 08, 2016 18:41

The Modi government has discreetly directed banks to not accept more than Rs 2.5 lakh as deposits from individual account-holders per transaction, knowledgeable sources said today, reports Rajeev Sharma from New Delhi.

This directive has been given to the banks orally, and not in writing. Banks are now putting a software in place to comply with the order.

The cap has been put in place to curb deposits of banned notes which have already crossed the Rs 13 lakh crores mark.

The last date for depositing banned notes in individual bank accounts is December 30.

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