Bank officials beware: Finance Ministry asks for reports on malpractitioner
- Recently, 27 senior PSU bank officials have been suspended due to transaction irregularities.
- PM Narendra Modi also acknowledged these malpractices by bank officials on his New Year's Eve speech.
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During the period of 50 days after demonetisation, credible financial institutions like Axis Bank, Kotak Mahindra Bank and Cooperative banks across various state came under scanner for various malpractices relating to currency exchange. According to a recent report, 27 senior PSU bank officials have been suspended due to malpractices and transaction irregularities.
Sighting the same, PM Narendra Modi in the New Year's Eve address to the nation also mentioned that, "Amid this herculean effort, some grave crimes by some officers in some banks have come to light."
Further adding, "Some government officers have also committed serious offences, and tried to take advantage of the situation. They will not be spared."
In view of all this, the Finance Ministry has asked the PSU banks to submits reports on bank officials involved in the violation of central government and RBI's directives between November 9 to December 30, 2016, after demonetisation announcement, despite repeated warnings.
The Finance Ministry is responsible for undertaking vigilance proceedings against the directors of the PSU banks, but it is the banks that initiate departmental or criminal proceedings against its officials accused of any malpractice.
To prevent the malpractices, Enforcement Directorate is conducting random checks on select bank branches, yet there are multiple incidences of transaction irregularities by bank officials has been reported during demonetisation drive.
