Arun Jaitley warns bank officials against aiding black money hoarders

Union Finance Minister Arun Jaitley on Thursday warned the bank officials from aiding people convert their black money into white post-demonetisation.

Bank officials will be held accountable for any transactions beyond the expected limit, Jaitley said at a press briefing here.

Recently on December 2, as many as 27 public sector bank officials were suspended and six transferred to non-sensitive posts for carrying out violative activities post-demonetisation.

"Some cases have come to notice of officials involved in carrying out transactions which were irregular and violative of Reserve Bank of India's instructions," the Finance Ministry had earlier said.

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 said.