Banks, both public sector and private sector, have been asked to report all high-value transactions to the Election Commission till the by-election process for the Nanjangud Assembly constituency is completed. Cash deposits, transfers and withdrawals above Rs. 50,000 will be under scanner and transactions above Rs. 10 lakh will be scrutinised.
At a meeting of control officers of banks conducted by Deputy Commissioner D. Randeep, who is also the District Electoral Officer, at his office this morning, he told the officers that bank transactions across the district must be scanned and not just Nanjangud.
More than 30 bank control officers led by Mysuru Lead Bank Manager K.N. Shivalingaiah attended the meeting. Banks that participated included Canara Bank, State Bank of India, State Bank of Mysore, Punjab National Bank, Vijaya Bank, ICICI Bank, HDFC Bank and Kotak Mahindra Bank.
Yesterday, Chamarajanagar Deputy Commissioner B. Ramu also conducted a similar meeting in Chamarajanagar in the wake of by-elections to Gundlupet Assembly constituency.
DC Randeep told the bankers to send daily reports of high-value transactions to their respective district head offices from where it will be sent to the District Electoral Officer (the DC). “All genuine transactions will continue without any obstruction and bank managers must watch for suspicious transactions including withdrawals, deposit and online transfers,” he said.
The DC added that mass money deposits and transactions above Rs. 10 lakh have to be recorded and reported. “Regular loan transactions can be proceeded with and keep an eye on those who withdraw large amounts of money,” he said.
He asked the bankers to ensure that identity proofs of all those persons who transact money must be obtained for future reference. At the meeting, a particular format of reporting cash transactions was distributed and explained. The DC said that it was the responsibility of the respective bank head offices in the district to send the reports to the Election Commission.