Finance Ministry of India orders Public Sector Banks to maintain complete records of all the deposits made since November 8

Posted on by Ankita Sharma

The recent Finance Ministry of India orders have directed the public sector banks to maintain a complete record of the deposits made into the accounts in scrapped currency and the legitimate currency as well.

“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”, read the letter written by the Finance Ministry of India addressing the chief executive officers of the public sector banks.

Finance Ministry of India orders Public Sector Banks to maintain complete records of all the deposits made since November 8

Finance Ministry of India orders Public Sector Banks to maintain complete records of all the deposits made since November 8

“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”, the letter added.

“This must be followed scrupulously and any deviation in this regard has to be prevented and if noticed, dealt with firmly and immediately”, Finance Ministry further warned the public sector banks. 

Furthermore, the finance ministry has directed the banks to ask its customers to fill in the detail of the deposits made by them on the deposit slip and mention separately the deposits made in scrapped currency and in legitimate currency i.e. “by displaying a prominent sign in their respective branches requesting their customers to fill up deposit slips clearly indicating old and new currency and the denomination of the notes.”

As per the Reserve Bank of India report, Rs 12 lakh crore have been deposited into the banks till date ever since demonetisation has been introduced in the economy, while the total amount of scrapped currency in circulation is said to be Rs 15.4 lakh crore prior demonetisation.

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