Action taken in cases of bank officials involved in carrying out irregular transactions violative of RBI’s instructions post demonetisation of Specific Bank Notes by the Government w.e.f. midnight of 8th November 2016

Pursuant to the decision of the Government to demonetise Specified Bank Notes w.e.f. midnight of 8th November 2016, Banks have done commendable work by putting in long hours of untiring effort in managing banking transactions.

Some cases have come to notice, however, of officials involved in carrying out transactions which were irregular and violative of RBI’s instructions. Action has been taken in such cases and 27 officials of various public sector banks have been placed under suspension and 6 officials have been transferred to non-sensitive posts.

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.