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RBI co-ordinating, collaborating with investigative agencies to check inconsistency: Dy Guv

Mumbai (Maharashtra): Stating that there had been a number of media reports about some of the transactions noticed at various bank branches and some alleged involvement of bank staff at various banks and various branches since demonetization, Reserve bank of India (RBI) Deputy Governor S.S. Mundra on Tuesday said the Central Bank has issued elaborate statement to all the bank management to do the central data checking and whenever they find any inconsistency, it should be pursued further through their internal audit mechanism.

RBI Deputy Governor S S Mundra
RBI Deputy Governor S S Mundra.

“RBI supervisors are also carrying out the similar exercise and the various data points of banks and whenever any untoward kind of transactions and action are noticed, the due action would pursued and due investigation would be done,” said Mundra at a press conference, along with his counterpart R. Gandhi.

“Besides, the RBI and its team are also co-ordinating and collaborating with various investigative agencies. I think, this is also known that all the banks as well as RBI is having an institution of whistle blower and we always encourage, a mission like this,” he said

He further said, “I would like to mention, from the beginning of this process the banking industry has done good work, bank employees have made a lot of efforts and majority of them have certainly won the appreciation. Having said that in an operation of this size, there are always elements who would have behaved otherwise ten what is expected of them and we are keeping a constant vigilance, though there had been already cases where banks have taken action against the staff members.”

“There has been media report about one of the RBI staff at Bengaluru as well; let me clarify that it was a junior functionary officer of the RBI and it was reported by the investigating agency that he was regarded to be present in a bank branch, where some this kind of transaction is happening. Having known about that the concerned employee has been suspended,” said Mundra, adding that the RBI has instituted investigation and due action would be taken once the details are known.

Meanwhile, divulging details of the transactions thus far, Gandhi said the entire system has been continuously gearing up for supporting the circulation of notes in the hands of the public. “Daily, we are issuing more and more notes, and getting it printed and issuing it, which will be a continuous affair and the public are requested to freely use the notes that they have in their hands than hoarding it,” he said.

“Since the start of the programme on November 10 till December 10, the banks have issued notes worth Rs. 4,61,000 crores to the public through their counters and ATMs and the old notes of Rs. 500 and Rs. 1,000, which have been returned to the RBI and the currency chest that amounted to Rs.12.44 lakh crores as of December 10,” he divulged.

“The RBI has also issued to the public through the banks and the branches a total income of quantity 21.8 billion pieces of notes of various denominations, of which 20.1 billion pieces belong to the small denomination of Rs 10, 20, 50 and 100, and higher denomination of Rs. 2,000 and Rs. 500, we have issued 1.7 billion notes during this period,” he added.



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