Advertisement

HindustanTimes Sat,23 Aug 2014

Cobrapost bites banks, insurers

HT Correspondent , Hindustan Times  New Delhi, May 06, 2013
First Published: 21:30 IST(6/5/2013) | Last Updated: 01:48 IST(7/5/2013)

After stinging India’s three leading private sector banks, investigative news website Cobrapost’s second report on Monday levelled serious allegations against public sector banks and insurance companies among others.

Advertisement

The report, Red Spider Part 2, reveals large-scale wrongdoings at 23 major public and private sector banks and insurance companies, including money-laundering.

The report names public sector entities such as Life Insurance Corporation, State Bank of India, Punjab National Bank, Bank of Baroda, Central Bank of India and Canara Bank, and a host of other entities such as Reliance Life Insurance, YES Bank, HDFC, Axis, ICICI and TataAIG.http://www.hindustantimes.com/Images/Popup/2013/5/07_05_13-buss23.gif

“Our interactions with all officials, some with the rank of divisional manager, territory manager, assistant general manager and vice-president… bear it out clearly that they are parties to and facilitators for these (money laundering) transactions and are conducting their questionable business with nonchalance…” a Cobrapost release said.

“Money laundering practices are part and parcel of banking and insurance business across the board; Even a walk-in customer can avail of such services that help him launder all his unaccounted cash,” it said.


Advertisement
more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved