Syndicate Bank suspends employee over illegal transactions during DeMon

Just a few days before Harishchandra J Gaikwad was about to retire from Syndicate Bank, the bank has decided to suspend him over allegations of illegal transactions of specified bank notes (SBNs) during demonetisation. But some banks employees and bank union have claimed a foul play here.

The bank has accused Gaikwad, who was working as the main cashier, to have illegally facilitated exchange of Rs 1.61 crore, without obtaining the exchange forms. In the suspension order, the disciplinary authority of the bank said that it was the duty of Gaikwad to tally the cash both on normal days as well as SBNs cash transactions. Countering this claim, a bank employee said, “Gaikwad was a cashier but it is the responsibility of the duty officers to tally the bank notes

Just a few days before Harishchandra J Gaikwad was about to retire from Syndicate Bank, the bank has decided to suspend him over allegations of illegal transactions of specified bank notes (SBNs) during demonetisation. But some banks employees and bank union have claimed foul play.

and cross check the forms before sending out the note."

In the suspension order, Gaikwad is asked to appeal against the present order (which deprives him of his pension) to appellate authority within 45 days of the receipt of the proceedings. "This decision is rather taken hastily," claimed the source.

While the disciplinary authority of the bank stated Gaikwad is proven guilty based on oral and documentary evidence. But a source alleged that the Lamington bank branch has failed to maintain the register and have not used video footage as proof. Gaikwad in a letter to the disciplinary authority has stated that tallying and verifying of SBNs was the responsibility of the duty officer. If sources have to be believed the regional manager who is the disciplinary authority have ordered the demotion of the other officers whose names have surfaced in this case. According to the representative on behalf of Gaikwad in a letter, said that he was working as payment cashier to handle regular customers.

In a letter to the authority, the suspended clerk has asked for CBI enquiry in the Lamington bank branch. There is concern that the bank is trying to make Gaikwad a scapegoat in this issue. It has to be noted the amount is more than Rs 1.61 crore. Only a third party enquiry would be able to prove it, added a source. Gaikwad has been with the bank for 35 years and was about to retire on March 31, 2018.