Caught off guard by Prime Minister Narendra Modi’s move to demonetise Rs 500 and Rs 1,000 notes, and unable to handle the increased workload that has followed, many banks have given chartered accountants added responsibility to flag suspicious activities. The move comes in response to pressure from the Reserve Bank of India (RBI) and Department of Financial Services’ (DFS) new directives, reports The Indian Express.

The move comes as many private sector banks have been left embarrassed after reports emerged of them being home to hundreds of fake accounts that were used to exchange phased-out high value notes.