Millennium Post

Bank staff illegally exchanging notes to face action: RBI

Amid millions of people queueing up to exchange defunct Rs 500/1000 notes, RBI on Tuesday 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 have been demonetised from November 9, 2016 in a crack down on black money.

“It has been brought to our notice that few bank officials are indulging in fraudulent practices while exchanging SBNs in cash/accepting SBN deposits into account,” said the RBI. 


Our contributor helps bringing the latest updates to you

Share it