Banks facing the heat in demonetisation crack-down

After the Income Tax department conducted a series of raids on Axis Bank Delhi and found crores of dubious money deposited in fake accounts, people were anxious to know how is the government tackling these cases. While people are standing outside ATMs/banks for hours for 2000 rupees, these officials were helping in conversion of crores of black money. These incidents were bound to infuriate people against Axis Bank, and they did too.

As the days after the declaration of demonetisation scheme are progressing, PM Narendra Modi is stunning everyone by revealing unexpected strategies made by his team to catch black-money holders and officials who are aiding them. After several raids and speculations on banks, Modi humorously spoke how the I-T department is quick to identify these hoarders and bankers.

In his speech at inauguration of an Amul unit in Deesa, Modi said,

Corrupt Bank officials are going to jail. People who ran away with big bundles of cash are going to jail. They thought, Modi ji has banned Rs 1000, Rs 500 but they would do something from the back gate. But they didn’t know, Modi has put cameras on the back gates. All of them will be arrested, no one will be spared.

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Today media houses are reporting that the government has conducted sting operations in around 500 branches of banks across the country.

Some of the news are also reporting the possibility of cancellation of Axis Bank licence.

Things will only get clearer after the Finance Ministry puts official statements on the sting operations. However, the sting news will certainly give a warning and fear to those bankers who are abetting the corrupts.

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