33 bank officials get stick

TT, New Delhi, Dec. 2 (PTI): As many as 27 senior officers of various public sector banks have been suspended and six others transferred as part of a crackdown on bank employees allegedly involved in irregularities after demonetisation.

The suspensions followed search and seizure at several places, including in Bangalore where crores of rupees in new currency notes was recovered.

The finance ministry said in a statement that some officials were found to be carrying out irregular transactions in violation of the RBI's instructions. "Action has been taken in such cases and 27 officials of various public sector banks have been placed under suspension and six officials have been transferred to non-sensitive posts," it added.

The ministry cautioned that while all efforts are being made to facilitate genuine transactions, "illegalities will not be tolerated and appropriate action will be taken against individuals involved in irregular and unauthorised activities".

The ministry added that banks have done commendable work by putting in long hours of untiring effort in managing the transactions.

Can't interfere: HC

Delhi High Court today said restrictions on daily withdrawal of cash by bank account holders was a policy decision beyond judicial review.

The ruling by a bench of Chief Justice G. Rohini and Justice V.K. Rao came on a plea seeking the removal of cap on daily withdrawal of money from banks.

The judges dismissed the petition on the ground that it was "devoid of merit" as there were "no restrictions" for operating the account by "non-cash transactions". "It may be added that the manner in which the decision to withdraw the bank notes of specified amount with effect from November 9, 2016, is to be implemented is a policy decision which is beyond the scope of powers of judicial review."