27 bank officials suspended

Mangalore Today News Network

New Delhi, Dec 3, 2016: In a major crackdown on bank employees involved in irregularities post demonetisation, as many as 27 senior officials of various public sector banks have been suspended and six others transferred.

The suspensions came amid reports of Income Tax authorities conducting raids in many places, including Bengaluru where Rs 4.7 crore cash in new currency was recovered.

Some cases have come to the notice of officials involved in carrying out transactions which were irregular and violative of RBI’s instructions, the finance ministry said in a statement.

“Action has been taken in such cases and 27 officials of various public sector banks have been placed under suspension and six officials have been transferred to non-sensitive posts,” it said.

It also cautioned that while all efforts are being made to facilitate genuine transactions, “illegalities will not be tolerated and appropriate action will be taken against individuals involved in irregular and unauthorised activities”.

Following the decision of the government to demonetise high-value notes, people have been depositing the invalid notes in banks.

The Reserve Bank of India  has set cash withdrawal limits for individuals as well as businessmen. The ministry further said that banks have done commendable work by putting in long hours of untiring effort in managing banking transactions.