Take stern action against staff fraudulently exchanging notes: RBI to banks

November 22, 2016 20:08

Amid millions of people queueing up across the country to exchange defunct Rs 500/1000 notes, the Reserve Bank of India today asked banks to take stern action against officials indulging in fraudulent practices while exchanging or depositing the invalid currency.

Banks have also been asked to remain prepared to provide details about the notes exchanged or deposited on short notice. The 500 and 1000 rupee (Specified Bank Notes - SBNs) have been demonetised from November 9, 2016 in a crack down on black money.

"It has been brought to our notice that at certain places, few bank branch officials, in connivance with some miscreants, are indulging in fraudulent practices while exchanging SBNs in cash/accepting SBN deposits into account," said the Reserve Bank of India.

"Banks are, therefore, advised to ensure that such fraudulent practices are stopped forthwith through enhanced vigilance and take stern action against officials involved in such activities," it added.

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