A day after Congress vice president Rahul Gandhi mocked the Reserve Bank of India (RBI) over the constant change in its rules post demonetisation, the recent u-turn in which the Rs.5000 deposit restriction for KYC compliant accounts was withdrawn, became fodder for the grand old party who took a swing at RBI saying it has now become the 'Reverse Bank of India'.


"Reserve Bank of India has become Reverse Bank of India. In last 43 days of demonetisation, they have changed the norms on demonetisation 126 times now. On December 17th they said you cannot deposit more than Rs 5,000 up to December 30th violating their November 8th notification," Congress leader Randeep Surjewala told ANI.


The Reserve Bank of India(RBI) on Monday announced that deposits of old Rs. 500 and Rs. 1,000 notes exceeding Rs. 5000 shall be made only once per account until December 30 but after a satisfactory explanation.


Tenders of Specified Bank Notes (SBN) in excess of Rs. 5000 into a bank account will be received for credit only once during the remaining period till December 30, 2016.


The credit in such cases shall be afforded only after questioning the tenderer, on record, in the presence of at least two officials of the bank, as to why this could not be deposited earlier and receiving a satisfactory explanation.


However, taking a u-turn today, the Central Bank partially reversed the rule that restricted people from depositing over Rs. 5000 in old banknotes more than once till December 30.


The relaxation will, however, apply to "fully Know your Customer (KYC) compliant accounts" where KYC pertains to customer information details.


Surjewala said the latest relaxation provided to the KYC account holders is discriminatory and divides the bank accounts into those of the rich and poor.