Now, the Reserve Bank of India (RBI) has decided to revoke the circular regarding ₹5000 deposit limit.
If anyone wants to deposit more amount than ₹5000, the account holder should do so under the Pradhan Mantri Garib Kalyan Yojna.
The RBI has been planning to introduce plastic currency for many years in the country after a field trial.
In the first meeting in October, RBI cut the repo rate. That is the short-term lending rate.
In order to bring the situation into control and to decrease cash crisis, Reserve Bank of India released new circulars to banks yesterday.