In a major crackdown on bank employees involved in irregularities post demonetization, as many as 27 senior officials of various public sector banks have been suspended and six others transfered to check corrupt practices. Some cases have come to 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. Following the decision of the government to demonetizeof old Rs 500/1000 notes from midnight of November 8, 2016, people have been depositing the invalid notes into banks. Earlier, RBI had asked banks to take action against erring officials to ensure cash availability for customers thronging banks.

Source: dna December 02, 2016 14:28 UTC