The finance ministry has sent a strong message to banks, saying that no official will be spared if found involved in any wrongdoing.
Sources said, the ministry is seriously looking into the matter.
In a major crackdown on bank employees involved in irregularities after the demonetisation move, as many as 27 senior officials of various public sector banks were suspended on December 2 and six others were transferred to check corrupt practices.
The Axis Bank earlier on Tuesday suspended 19 of its officials allegedly involved in illegal activity post-demonetisation.
The employees of state-run and private sector banks have come under the scanner of the finance ministry over alleged irregularities in converting old currency into new notes after the demonetisation move was announced.
The move comes after the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) cracked down on bank officials in a bid to curb black money conversions into new notes.
Last week, the ED had arrested two managers of Axis Bank’s Kashmiri Gate branch in New Delhi and recovered gold bars weighing more than three kilograms.
Both were sent to ED custody till December 12.