<h1>RBI Directs Banks to Crack Down on Fraudulent Practices in Exchange of Demonetized Rs. 500 and Rs. 1000 Notes.</h1> The Reserve Bank of India issued a directive to banks to curb fraudulent practices observed during the exchange and deposit of Rs. 500 and Rs. 1000 notes, which were recently demonetized. Certain bank officials were reportedly colluding with others to engage in such activities. Banks are instructed to enhance vigilance, take strict action against involved officials, and ensure compliance with guidelines. They must maintain detailed records of transactions involving these notes, including denomination-wise and customer-wise details, and be prepared to provide this information promptly if required.