NEWS & ADVICE : SAVINGS ACCOUNTS
Serious violation of money laundering act by Cooperative banks
By Vaibhav Aggarwal
Oct 24, 2013
Print    Email    RSS   

It has been seen, that Urban Cooperative banks (UCB), have been misused very often due to money laundering. P Chidambaram, the Union finance minister, has pushed solid limitations incorporating scratching off of bank permit of errant banks. These sorts of violations which are done by UCB's are very serious due to their enormous infiltration the nation over.

A huge hindrance in viably regulating UCB's is the duality of control. While RBI directs store mobilization, advance concedes, and so on a majority of the capacities is government-regulated through the multi-state helpful social orders or state agreeable social orders.

UCB's have recently crossed the March 2013 due date set by RBI to finish the procedure of danger categorization other than outfitting a complete record and the different existing customer profiles with them. Another issue that makes it troublesome to capture such illegalities is the RBI hesitance to impart review gives an account of grounds of secrecy.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Credit profile and its effect on loan...
Carnival of Indian Personal Finance Blogs #3
Steps to file Income Tax return online
Savings account portability: How...
Personal Finance for the 21st century...


My passbook missing how to find account nrb
I have sallard account in icici bank bt I lost my...
ARB SERVICES,A/C NO:-290000601,IFSC...
Account number
SBI ACCOUNT HOLDER DETAILS OF ACCOUNT NUMBER...
can i know my account balance?

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive