Mumbai: Amid allegations of cooperative banks being used as conduits for money laundering, NABARD, which jointly regulates such lenders, has said that it has found no shortcoming pointing towards any such activity.
"Every year we do an inspection and we have not found anything like that," National Bank for Agriculture and Rural Development's (NABARD) chairman Prakash Bakshi told reporters over the weekend, when asked about the recent controversy over money laundering.
A probe launched by Reserve Bank of India following allegations of non-compliance with anti-money laundering measures and know your customer (KYC) norms by top private banks has reportedly found that cooperative banks are used as conduits.
Not having the entire bouquet of service offerings, the cooperative banks tie-up with scheduled commercial banks to expand their reach. Co-operative banks can accept cash under Rs 50,000 from customers (the limit at which reporting to tax authorities sets in). They usually earn commission from larger banks for providing services. ...
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02:22 PM, May 19, 2013
New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks. The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs, unauthorised gold sale, rampant non-compliance of KYC norms and irregular staff trips. Sources say the RBI probe into ICICI Bank...
01:14 PM, May 13, 2013
New Delhi: The Delhi High Court on Wednesday sought the city government's reply to a PIL seeking an order to adopt blood-screening methods like Individual Donor Testing (IDT) through Nucleic acid Amplification Test (NAT) to avoid the possibility of infections being spread through blood transfusion. A bench of Chief Justice D Murugesan and Jayant Nath issued a notice to the city government's department of Health and Family Welfare and sought...
03:20 AM, May 09, 2013
New Delhi: As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. In its second expose, Cobrapost accused country's leading banks and insurance companies of "running a nation-wide money laundering racket, blatantly violating laws of the land". Those named...
09:48 PM, May 06, 2013
New Delhi: Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Cobrapost editor Aniruddha Bahal claims that both banks and the insurance companies flouted the Foreign Exchange Management...
10:43 AM, May 06, 2013
It is never easy to write about the world the way it is. To talk of love and friendships and everything that takes place in between is never something that can be done without wrenching the way you feel about them. I have always admired writers who can manage this and continue to do so, because it takes a lot out of the writer to dig in and generate stories...
04:13 PM, Apr 29, 2013
Balasore: A fire broke out in Chandipur's ammunition depot in Odisha early Monday morning. The fire broke out at 4 am in the ammunition testing centre of the Proof and Experimental Establishment or PXE. "The fire triggered explosions as it erupted in the magazine store of the Proof and Experimental Establishment (PXE) where shells and ammunition of different capacities and sizes are stored for test," Officer In-Charge of Chandipur police...
08:08 AM, Apr 29, 2013
New Delhi: The Medical Council of India (MCI) on Friday wrote to the Central Bureau of Investigation (CBI) asking for a probe into a sting operation conducted by CNN-IBN which exposed the sale of post-graduate medical seats in colleges across three states for crores of rupees. The CNN-IBN sting had caught five colleges taking crores for admissions. The MCI has handed over the sting operation tapes to the CBI. The...
06:09 PM, Apr 26, 2013
New Delhi: News broadcasting fraternity on Monday condoled the death of Justice (Retd) JS Verma who passed away after a brief illness. Justice Verma was appointed the first Chairperson of the News Broadcasting Standards Authority (NBSA), a self- regulatory body set up by News Broadcasters Association on October 2, 2008. "In his frequent interaction with members of NBA, he would tell them that in a democracy, it was the media's...
10:50 AM, Apr 23, 2013
Chennai: Southern actress Tashu Kaushik, who opted out of upcoming romantic-comedy 'Mic Testing 143' for personal reasons, is upset that her images are being used on the promotional posters of the film. She says she is likely to take legal course of action if the makers don't stop using her images. "I don't understand how can my images be used on the poster of a film I'm not part of...
09:24 PM, Apr 20, 2013
Mumbai: The Anti-Corruption Bureau (ACB) on Thursday filed a case against 36 police officials who had been suspended earlier following a sting that caught 15 Kurla constables accepting bribes to allow illegal constructions in the area. The case was registered under the Prevention of Corruption Act. The Maharashtra government also suspended a senior police officer in connection with the sting. Action against the officer is being taken by the police...
07:37 PM, Apr 11, 2013
Mumbai: Thirty-six policemen were suspended after a sting operation showed them accepting bribe to allow illegal constructions in Mumbai's Kurla area. The sting operation, conducted by a social activist, comes in the backdrop of the collapse of an illegal building in Thane which claimed 74 lives. The Mumbai Police has initiated an inquiry against the accused policemen. ...
09:21 AM, Apr 11, 2013
Delhi: The Delhi government has ordered an inquiry into an IBN7 sting operation showing private bus drivers procuring licences based on fake addresses. Delhi Transport Minister Ramakant Goswami said, "We will take strict action against those who are found guilty, even if they are people of the transport department. I have already told the transport commissioner to order an inquiry into the matter." CNN-IBN's sister channel IBN7 has conducted a...
07:47 PM, Apr 08, 2013
New Delhi: The Delhi government has ordered an inquiry into an IBN7 sting operation showing private bus drivers procuring licences based on fake addresses. The Delhi transport secretary said, "The story shows how touts are doing this, we need to check if and how many officials are involved." CNN-IBN's sister channel IBN7 has conducted a special investigation showing that fake licences based on fake addresses are still being issued to...
03:48 PM, Apr 08, 2013
Mumbai: Mumbai girl Ashwini Nene has topped the Graduate Record Examination (GRE) - a pre-requisite for admissions to most US graduate schools and for some other countries - by scoring full marks of 340/340, an official said here on Wednesday. Nene, 20, is a student of Sardar Patel Institute of Technology, Andheri. The GRE results were announced by Educational Testing Services, a US-based organisation that conducts the examinations worldwide. Coached...
11:00 AM, Apr 04, 2013
Private banks are in damage control mode after their employees were shown aiding money laundering in a sting operation by online magazine Cobrapost. While ICICI Bank has suspended 18 employees pending an investigation, HDFC Bank says it has ordered a probe by independent agencies on the expose. ...
03:49 PM, Mar 16, 2013
A sting operation conducted by online magazine Cobrapost across various branches of private banks has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost Editor Aniruddha Bahal has insisted that leading private banks like HDFC Bank, ICICI Bank and Axis Bank are involved in this. He joined IBNLive readers for an interaction on the issue. ...
05:23 PM, Mar 15, 2013
A confidential government investigation report highlighting how several private banks were involved in conversion of black money into white has been accessed by CNN-IBN. ...
01:27 PM, Mar 15, 2013
The Central Board of Direct Taxes (CBDT) on Thursday ordered a probe into the expose done by online magazine Cobrapost that revealed employees of private banks involved in money laundering operations. The sting operation conducted across various branches of private financial institutions like HDFC, ICICI and Axis banks revealed how their employees were accepting black money from customers to convert them into white money. Cobrapost claims that the nationwide operation...
06:50 PM, Mar 14, 2013
The Reserve Bank of India (RBI) suspects some banks are involved in KYC violations, sources said. The RBI has sent showcause notice to one bank and a probe is on in the NCR region. ...
03:06 PM, Mar 14, 2013
