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.

Irregular transactions post-demonetisation prompt disciplinary action against bank officials; illegalities will not be tolerated and transfers instituted. Action was taken against bank officials who conducted transactions violative of RBI instructions after the Government's demonetisation of Specified Bank Notes; implicated officials were placed under suspension or reassigned to non sensitive posts, and banks were warned that while genuine transactions would be facilitated, illegalities would not be tolerated and appropriate action would follow.