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New Delhi : According to cobrapost expose that was released today morning , twenty-three major Indian banks, both public and private, and insurance companies, are running a nation-wide money laundering racket, blatantly violating the laws of the land. And the culprits being exposed this time are Life Insurance Corp of India (LIC), State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Canara Bank, Indian Bank, IDBI Bank, Yes Bank, Federal Bank, Reliance Capital, Birla Sunlife and many others, who together manage assets worth thousands of crores of rupees and have equally staggering deposits at their disposal, says Cobrapost.
Cobrapost said in the course of its undercover investigation, it came face to face with some shocking, stark realities about the functioning of the entire banking and insurance industry of the country. “Our interaction with all officials, some with the ranks of divisional manager, territory manager, assistant general manager and vice presidents, with scores of branches under their charge, bears it out clearly that they are conducting their questionable business with nonchalance that only crooks show when they find they are above law or when they find the powerful are on their side,”it said.
In connection with these Cobrapost, Red Spider 2 Expose, the Secretary, Department of Financial Services Rajiv Takru has asked the Chairman cum Managing Directors (CMDs) of various Public Sector Banks (PSBs) for an immediate action as follows:
(i) Any officer/employee of your bank/institution who clearly appears to be advising potential customers along lines that would be an infringement of the legal process/could facilitate money laundering/could defeat the KYC norms or the norms of due diligence prescribed by RBI and the law from time to time, may be placed under suspension with immediate effect pending inquiry. The bank may initiate a detailed scrutiny of such officer’s work and institute a special audit, if necessary, for this purpose. The inquiry must be initiated and completed expeditiously.
(ii) In case where the behaviour and conduct of the officer / agent is not such as would attract point (i) above but fails to meet the standards of conduct and behaviour expected of an officer / employee / agent of a public sector institution and/or brings the institution or is likely to bring the institution into disrepute, such person may immediately be divested of their work / portfolio and advised to voluntarily proceed on leave while a detailed examination on the same lines as above is conducted.
Beside compliance on above points, the Secretary, Financial Services has also asked for a detailed report on utmost priority with the name of the employee/designation and action taken.