RBI inspectors can make surprise visits at banks to check tinkering with cash registers

Inspectors from the Reserve Bank of India (RBI) will be conducting surprise checks across all banks in the country to keep a check on any kind of tinkering in the cash registers of the banks. Apart from keeping a check on the people exchanging old and invalid currency notes, these inspectors will ensure that bankers are not being used by unscrupulous elements.

The entire activity is being monitored by the Prime Minister’s Office (PMO).

"The RBI wants to keep an eye on bank branches so they can't alter their cash registers. We are anticipating sudden visits by RBI officers to our branches during this entire exercise which could be on for weeks,” a banker told ET requesting anonymity.

In order to monitor the day-to-day position of liquidity of the bank, all banks are required to maintain cash registers showing the daily position of such assets. The RBI believes that tinkering with that or alterations could possibly be made to these registers in cahoots with some bank officers.

Banks are now taking all the precautions and are being vigilant so as to assure that no alteration can happen at branch levels to their cash registers.

"We have been asked to submit a tally of all Rs 500 and Rs 1,000 notes in our currency chests to the Reserve Bank of India,” another banker told ET.