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  1. Here’s another step Narendra Modi Government has taken to stop rogue bankers

Here’s another step Narendra Modi Government has taken to stop rogue bankers

The decision has been taken to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes.

By: | New Delhi | Updated: December 13, 2016 6:27 PM
The decision has been taken to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes. (Reuters)(Reuters) The decision has been taken to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes. (Reuters)

After reports of bank employees’ involvement in wrongdoings for commissions, Reserve Bank of India, issuing a notification, has asked all banks to preserve the CCTV recordings covering the banking area and counters. The RBI has advised banks to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30. The decision has been taken to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes.

The notification comes after the arrest of a RBI official from Bengaluru for alleged role in money laundering. RBI Deputy Governor, SS Mundra, said that an inquiry has been constituted against the employee and due action will be taken if he’s found guilty.

Also Read: Demonetisation arrests: RBI reacts to cash fiasco, defends bankers

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Earlier, Finance Ministry, in a stern warning to bankers, had said that anyone involved in fraudulent activities will not be spared. In a major crackdown, at least 27 public sector bank officials were suspended on the charges of wrongdoings after centre’s demonetisation move. Major private sector bank, Axis Bank, had on Tuesday suspended its 19 officials allegedly involved in illegal activity post demonetisation. Last week, the ED had arrested two managers of Axis Bank’s Kashmiri Gate branch in New Delhi and recovered gold bars weighing more than 3 kg.

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