27 Bank officials were placed under suspension following violations of RBI rules

Friday, December 2, 2016
New Delhi

Following demonetization on November 8, 2016, the Finance Ministry said that action had been taken against several bank officials for severe irregularities in banks.

The Ministry in a statement while praising banks for their work post-demonetization said that that in some cases where officials carried out transactions in violation of the RBI’s instructions. It said that 27 officials of various public sector banks have been placed under suspension and six officials have been transferred to non-sensitive posts.

Income Tax department said that it detected unaccounted income worth Rs.152 crore after it conducted searches on a dozen premises in Bengaluru and other locations. The officials of IT department have found cash after searches were launched on Thursday on the premises of two engineering working with the State government had risen to Rs.5.7 crore. These notes in the denomination of the newly introduced currency of Rs.2,000. The officials also recovered 7 kg of gold and jewellery weighing 9 kg worth Rs.5 crore.

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