THERE is growing concern in banks, both government-owned and private, over what they see as the Income-Tax department, Enforcement Directorate and other investigative agencies training their guns on them and portraying them as the “villain” in the government’s demonetisation piece.

While none of the top private or public sector bankers The Indian Express spoke to wanted to be named, they were unanimous in their assessment that they were being made a “scapegoat.” Especially when most of the money demonetised on November 8 has returned and there are continuing reports of distress given the inadequate flow of new currency across the nation.