New Delhi, Nov 22: The Reserve Bank of India (RBI) on Tuesday warned banks against fraudulent practices and advised them to enhance vigilance to stop such fraudulent practices and stated that stern action would be taken against officials involved in such activities. The Reserve Bank of India in its statement said, “Brought to our notice, at certain places, few bank branch officials are indulging in fraudulent practices while exchanging SBNs in cash”.

The Bank issued operational guidelines to take stern actions against officials involved in fraud practices. It ordered banks to keep customer wise, denomination wise record of all the transactions that take place.

In wake of the demonetization implementation across the nation, people have been reeling under severe cash crunch from the time Prime Minister Narendra Modi announced the scrapping of Rs 500 and Rs 1000 notes. People have been punished to stand in long serpentine queues and wait for hours for their turn. (ALSO READ: Cash withdrawal for wedding: 5 important things to know on latest norms)

The RBI early today said a maximum of Rs 2.5 lakh can be withdrawn from the bank deposit accounts till December 30 out of the balances at credit in the account as at close of business on November 08, 2016. It also stated that withdrawals are permitted only from accounts which are fully KYC compliant. Banks have exchanged and got deposits of nearly 5.5 lakh crore in scrapped notes of Rs. 500/1,000 denomination and have disbursed Rs. 1.03 lakh crore via ATMS and over the counter between November 10 and November 18.