Demonetisation: Govt suspended 27 bank officials for irregular activities

The government on Friday said that 27 officials of various public sector banks have been suspended and six officials have been transferred to non-sensitive posts.

As per the Ministry of Finance, the decision was taken because these officials were involved in carrying out transactions which were irregular and violative of the Reserve Bank of India's instructions, 

These irregular activities were undertook after the government announced to demonetise specified bank notes on November 8.

Moreover, the Ministry also warned individuals involved in unauthorised activities by saying that "such illegalities will not be tolerated and appropriate action will be taken against".

Appreciating banks' work in managing the chaos post the announcement, the Ministry said, "Banks have done commendable work by putting in long hours of untiring effort in managing banking transactions"