RBI warns banks and public against misinformation on social media

RBI says that people should rely on information provided on its website

RBI on Thursday has cautioned banks as well as the public not be misguided by questionable and unverified documents being circulated on social media channels regarding demonetisation of old Rs 500/1000 currency notes.

In a public notice, the Reserve Bank said that people should rely on information provided by it on its website.

In the wake of withdrawal of legal tender character from the Specified Bank Notes (old Rs 500 and Rs 1,000), RBI has, from time to time, been issuing instructions to the banks which are sent directly to banks through an official mail.

In the notice, RBI said that it has been reported that certain guidelines/instructions "purported" to be issued by the RBI are being circulated in the social media by "some unscrupulous elements creating confusion in the minds of the public/bank personnel".

"Banks and members of the public are, therefore, cautioned to be guided by only those instructions which are either uploaded on the Reserve Bank's official website," the central bank said.

Following demonetisation of the old high value currency from November 9, people have been depositing the invalid notes in banks and also exchanging them at RBI counters.

RBI has placed a weekly withdrawal limit of Rs 24,000, including from ATMs, a week.