What changed
RBI has extended the earlier advisory from December 2016, which required preservation of CCTV recordings for the demonetisation period. The new circular mandates continued preservation until further orders, citing pending law enforcement investigations and court proceedings.
What it means for you
Banks must ensure that CCTV footage from the specified period remains intact and accessible, as it may be critical evidence for ongoing probes. This adds a long-term storage obligation, requiring banks to manage data retention policies and storage infrastructure accordingly.
What you must do
- Identify and secure all CCTV recordings from November 8 to December 30, 2016, at branches and currency chests.
- Ensure proper storage and backup to prevent data loss or degradation over time.
- Acknowledge receipt of this circular to RBI as instructed.
- Coordinate with legal and compliance teams to track any court orders or agency requests for these recordings.
Who it affects
All scheduled commercial banks, Bank branches and currency chests, Compliance and legal departments, IT and security teams managing CCTV systems
Why does RBI still require preservation of 2016 CCTV recordings?
Law enforcement agencies have pending investigations and court cases related to illegal accumulation of new currency notes during demonetisation, making these recordings essential evidence.
What happens if we cannot locate or have already deleted these recordings?
The circular does not specify penalties, but non-compliance could hinder investigations. Banks should immediately check archives and consult RBI or legal advisors if recordings are missing.
Is there any end date for this preservation requirement?
No, the circular states 'till further orders,' meaning banks must retain the recordings indefinitely until RBI issues a subsequent directive.