Raids were conducted by tax officials at the headquarters of Midnapore Bangia Gramin Bikas Bank.
Around Rs 1 crore in new currency was seized by the Income Tax department after raids in Kolkata and other districts of West Bengal on Monday.
Several cooperative banks were among locations raided, officials said.
In Kolkata, Rs 22 lakh was reportedly found at the offices of bullion dealers at Burrabazar. From an egg merchant at Jadavpur, IT officials reportedly seized Rs 11 lakh. Another location raided was a mobile phone shop in the Lalbazar area.
Besides the cash, tax officials have also reportedly found Rs 6 crore in unexplained bank deposits by those raided.
Meanwhile, Income Tax officials also conducted raids at the headquarters of the Midnapore Bangia Gramin Bikas Bank in the Midnapore district around 100 km from Kolkata.
Another cooperative bank was raided in Burdwan, according some sources.
Crores of rupees in new notes that are not so easily available at banks and ATMs yet have been found in hundreds of raids across the country in the last few weeks.
The country has been reeling under a severe cash shortage since the centre scrapped 500- and 1,000-rupee notes, which formed 86 per cent of the country's currency, on November 8 to combat corruption and tax evasion.