Govt asks banks to keep deposits record of scrapped, valid notes

The government on Sunday asked state-run banks to maintain records of deposits made in denomination of Rs 500 and Rs 1000 and other valid currencies.

Updated: Dec 11, 2016, 23:02 PM IST
 Govt asks banks to keep deposits record of scrapped, valid notes

New Delhi: The government on Sunday asked state-run banks to maintain records of deposits made in denomination of Rs 500 and Rs 1000 and other valid currencies.

In a letter written to chief executive officers of public sector banks, the Finance Ministry asked that "maintenance of records regarding deposit of Specified Bank Note (SBN) and Non-SBN, as the case may be, is essential both in the bank record as well as the customers record.

"The letter addressed to all the Managing Directors of state-owned banks and Chairman of Indian Banks' Association, the Department of Financial Services directed them consider this on urgent basis and send action taken report in this regard by December 16.

"This must be followed scrupulously and any deviation in this regard has to be prevented and if noticed, dealt with firmly and immediately," it said.

Though most banks providing correct information to the customers yet to ensure that it is done in 100 per cent of cases without fail, all the bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about the same, it said.

With PTI Inputs