Banks are one of the most secure institutions in the world. The public entrusts them with their money, and expects them to keep it safe. One of the first thoughts in anyone’s mind when security and safety are discussed is CCTV surveillance. CCTV surveillance is inevitably a default expectation of any security protocol in a bank.

When Reserve Bank of India (RBI) issued a notification in October advising banks to cover the banking hall or area and counters under CCTV surveillance, and record to facilitate identification of people abetting circulation of counterfeit currency, no one could have guessed that this was a precursor to prepare banks for the demonetization that Prime Minister Narendra Modi would announce in under a fortnight.

On Tuesday, 13th December, 2016, the RBI released a statement on its website, "The banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for the period from November 8 to December 30, 2016, until further instructions, to facilitate coordinated and effective action by the enforcement agencies in dealing with matters relating to illegal accumulation of new currency notes." 

Not only did the RBI want CCTV footage for the review of the distribution of new currency, but also for the work done to pack soiled note remittance by currency chests at the strong rooms/vaults with a reference to its 2008 circular in which the RBI had said “the coverage of CCTVs surveillance should also cover all cash operations in the vaults/strong rooms and other cash handling areas to identify any mischief/irregularity… we had advised the banks that Potdar from the (currency) chest remitting bank should accompany soiled note remittance.”

After advice from RBI and Department of Financial Services (DFS), and to tackle any money laundering activities and fake accounts, many private sector banks have asked their auditors to flag suspicious activities and monitor their CCTV footage, keeping a keen eye on cash exchanges carried out after bank hours. Amid all the focus on demonetization, the reverberating importance of CCTV surveillance resonates with all the stakeholders. 

CCTV surveillance systems have helped banks to not only comply with these norms but also act as fraud checks to strengthen their credibility and public image. With 24 hour surveillance of ATMs, continuous security and monitoring is done to ensure no misuse of accounts and fake ATM withdrawals. Customers have also echoed their increased confidence and feeling of enhanced security in banks with reliable surveillance systems.

In the past, many investigations have been aided with the surveillance footage to not only identify the culprits but also prosecute them. Crimes like vandalism, petty theft, collusion and fraud have been resolved effectively. CCTV footage has also helped to settle disputes in defamation cases, claims of violence, discrimination and assault at workplaces. In one case, a bank employee was acquitted after CCTV coverage proved his innocence in an assault case.

In today’s digital age, the significance of CCTV surveillance systems has been highlighted by the announcement of demonetization. While customers get a feeling of security and confidence from the comprehensive security systems offered by their banks that hold all of their life savings, the banks gain credibility advantage and evidential proof to not only maintain the continuous fraud checks but also strengthen their reputation and build a good rapport for increased customer confidence.