RBI on knife-edge as retail inflation forecasts shoot close to 6%
Mumbai RBI has asked the heads of all the banks to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30, 2016. It is the period when the demonetisation took place.
'Please refer to paragraph (5) of our circular DCM (FNVD) No.1134/16.01.05/2016-17 dated October 27, 2016 wherein it was stated that in order to facilitate identification of people abetting circulation of counterfeit notes, banks are advised to cover the banking hall/area and counters under CCTV surveillance and recording and preserve the recording,' RBI said in a notification today. In continuation to the above, the banks have been further advised by the RBI to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 08 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes. Talking to Bizz Buzz, the former MD and CEO of a pubic sector bank said on condition of anonymity "that normally banks keep the CCTV recordings for a particular period only and then they overwrite the same to have fresh recordings. Yes, in case of legal dispute and court cases only they keep those CCTV footages for 10 years' time."
