RBI withdraws ₹5,000 deposit restriction for KYC accounts
The Reserve Bank of India on Wednesday withdrew the restrictions imposed on deposits of ₹5,000 and above for KYC (Know Your Customer) compliant accounts. This comes two days after RBI announced deposits above ₹5,000 in old banknotes can be made only once till December 30. KYC is a process by which banks obtain information about the customers' identity and address.