RBI registers FIR against Punjab National Bank for depositing fake notes

RBI registers FIR against Punjab National Bank for depositing fake notes

The Ghaziabad police have registered a first information report against Punjab National Bank's Modi Nagar branch for allegedly depositing fake currency notes during the note ban. Police have registered a case on the basis of a complaint filed by the Reserve Bank of India, Kanpur.

According to the police, after Prime Minister Narendra Modi had announced that the Rs 500 and Rs 1,000 notes will be withdrawn from the financial system in 2016. People had rushed to deposited money in their respective banks. However, now the Reserve Bank Of India has complaint during the note ban the Modi Nagar branch had deposited fake currency.

"We have got order and RBI Kanpur has stated that post note ban, the Modi Nagar branch had deposited fake currency worth Rs 34, 500 of which 33 notes were of Rs 500 and 18 of Rs 1,000 notes were found to be fake. We have set up a team to investigate the matter and find out who is at fault," said Hari Narain Singh, Senior Superintendent of Police, Ghaziabad district.

However, the branch manager has said that the machines which they have didn't find the notes to be fake.

"At the time of the note ban, the banks were overcrowded and the strength of the staff was less. People used to wait in long queue to get their notes deposited. The staff was inexperienced as well as new and they failed to detect fake notes. Even the machines, which we have didn't pick them. The RBI has advanced machines and we respect the complaint they have filed. An enquiry has been set up and we will corporate from our end with police," said Samar Singh, Branch manager of Punjab National Bank, Modi Nagar in Ghaziabad .

In total, RBI had received Rs 349 crore rupees from the Punjab National Bank in old currency fom all the branches in Ghaziabad.