Yogendra Yadav’s bank explanation: I believed PM

“I have made no cash deposit in my account since November 8, 2016. I see no reason to offer any special explanation for the same. I normally like and wait for queues to end. I was assured by the prime minister, the finance minister and the RBI that there was no need to rush to the banks and that I had till December 30 to deposit money.” He ended the declaration by saying, “I believed them.”

Speaking to The Indian Express, Yadav said that while he is not a “complete demonetisation opposer”, sudden instructions like this erode people’s faith in banking, and therefore, the economy. Yadav said, “Next time the government asks for more time, there would be panic, since the legitimacy of the banking system is absolutely central to the economy.”

“When demonetisation was announced, my wife was anxious to deposit the little amount that we had. I told her there is no need to rush, let the queues end. This is something the finance minister also repeated,” Yadav said. Additionally, he said that he did not wish to add to the burden of bank employees, who were already harassed.

“While the finance minister has been saying that depositors need not explain themselves for the first deposit of over Rs 5,000, the RBI guideline is very clear that depositors have to give an explanation,” he added.