Cobrapost’s recent money laundering allegations against almost all the top private, public sector commercial banks and life insurance companies, point to a systemic problem with the financial sector in India. This has been now corroborated by RBI’s investigation report, leaked to Times of India, wherein RBI has found that usage of dummy PAN and identity cards … Read more

Reserve Bank of India (RBI) concluded its first round of investigation by announcing on June 10, 2013, financial penalties on the big 3 private sector banks. Penalties of INR 100 million+ imposed on all the 3 banks put together may not seem much. For these banks, what would remain unaccounted and expensive is the extent of their … Read more

Reserve Bank of India, in the last few years, has been regularly imposing financial penalties on cooperative banks for violating the all important Know Your Customer (KYC) norms or the Anti-Money Laundering (AML) guidelines. They have been advised by RBI circulars to adhere to the KYC norms diligently, in order to prevent criminal elements from … Read more