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Take strict action against employees if they indulge in wrongdoing: FinMin to banks

The finance ministry has written to the chiefs of all public sector banks, asking them to take strict action against any official found to be indulging in malpractices.

business Updated: Dec 12, 2016 10:58 IST
HT Correspondent
Demonetisation latest news

The finance ministry has written to the chiefs of all public sector banks, asking them to take strict action against any official found to be indulging in malpractices. (Pratik Chorge/HT PHOTO)

The finance ministry has written to the chiefs of all public sector banks, asking them to take strict action against any official found to be indulging in malpractices. Warning against firm action in case of deviation, the ministry has asked lenders to ensurer that each bank employee follows the guidelines scrupulously.

The ministry has also written to the Indian Banks’ Association (IBA) on the issue.

The ministry said all records of currency transactions, including deposits and withdrawals in the wake of the demonetisation exercise, must be duly maintained with accuracy.

Several banks, including private sector lenders, have come under the scanner of the taxman for alleged malpractices.

The ministry has asked all banks to educate customers too.

Banks have also been asked to communicate in local languages. “..banks may clearly display a prominent sign (including in the local language) in their respective branches requesting their customers to fill-up deposit slips, clearly indicating old and new currency and the denomination of the notes,” a statement issued by the ministry said.

Bank chiefs and the IBA have been asked to submit a report on the same by December 16.

The finance ministry recently said that as many as 27 officials engaged with various public sector banks have been suspended, and six transferred to non-sensitive posts after reports of misconduct. Several officials of Axis Bank and HDFC have also been suspended for indulging in unfair practices.