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Restriction Imposed By RBI On Withdrawal From Certain Bank Accounts

Restriction Imposed By RBI On Withdrawal From Certain Bank Accounts

Friday, December 16, 2016, 11:53 AM

Several people are misusing banks to park unaccounted money. RBI has imposed restrictions on certain withdrawals, if more than INR 2 Lakhs has been deposited after November 9th, in a bank account. This happens if the balance in the bank account, is more than INR 5 Lakhs. RBI has noticed that, “strict compliance” with KYC, is not being followed in several bank accounts.
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