Banking system backbone of Indian economy

Banking system is the backbone of Indian economy and a bank officer who is found to have been involved in financial irregularities while performing his duty cannot be let off, the Delhi High Court has said while upholding an order of dismissal of a bank official from service. The high court said a bank employee or officer must perform one’s duty with absolute devotion, diligence, integrity and honesty, so the confidence of the public or depositors in the bank is not lost.

The high court dismissed a petition by an ex-assistant manager of the Reserve Bank of India (RBI), who was entrusted with processing and shredding currencies worth ₹4.5 lakh in 2005 and, during a surprise check, a shortage of 50 pieces of ₹100 denomination notes was discovered. He was later dismissed from service after being found guilty during a disciplinary inquiry.

“The petitioner is a bank employee. A bank employee/ officer must perform one’s duty with absolute devotion, diligence, integrity and honesty, so that the confidence of the public/ depositors is not lost in the bank. The banking system is the backbone of the Indian economy.

“An officer who is found to have been involved in financial irregularities while performing his duty as bank officer, cannot be let off even if there is a minor infraction in the inquiry report. In the departmental inquiry, the standard of proof is not that of a criminal case, that is, beyond reasonable doubt, rather the test applicable is that of merely the preponderance of probabilities,” Justice Chandra Dhari Singh said.