SBI trashes report of Rs 1,300-crore deposit in Arunachal branches

State Bank of India (SBI) rejected reports that Rs 1,300 crore cash has been deposited in its various branches in Arunachal Pradesh after demonetization saying no such deposits were found after minutely verifying the relevant records.

SBI Regional Manager Sakya Sinha Bairagi in a statement today said, "We have verified all our relevant records minutely and found that no such deposits were made in any branch of the SBI in the state under Itanagar region." He said, the Itanagar region (SBI) has 43 branches out of which 26 are in Arunachal Pradesh.

"The total deposit figure of these 26 branches as on November 8 last was Rs 1,595 crore and Rs 1,748 crore as on December 24 last with a marginal increase of Rs 153 crore during the demonetization period of 45 days," the regional manager said.

"We strongly condemn such misleading news reports without knowing the factual data in media who are the fourth pillar of the society. At the same time, we appealed one and all not to impress upon such misleading news," he said.

"This has badly affected the image of the premier bank and demoralized the employees of SBI who tirelessly worked till midnight including Saturday and Sundays to help people exchange/deposit their hard earned old high denomination notes," the official said.

"This has badly affected the image of the premier bank and demoralized the employees of SBI who tirelessly worked till midnight, including Saturdays and Sundays, to help people exchange/deposit their hard earned old high denomination notes," he added.

"Being the premier bank of the country, while rendering numerous banking services to the state we strictly adhere to the laid down systems and procedures in dealing with day to day banking activities with professional zeal and due diligence," he further said.

Bairagi added that during the entire demonetization period the cooperation, dedication and hard work rendered by the SBI employees have been appreciated by the people, state government as well as the central government at various levels.

"We also expect such appreciation and encouragement from all concerned including various media houses," he said.

State Bank of India