Which is more corrupt - public sector banks or cooperative banks? Enforcement Department enquiry at public sector banks across country answers this question. There are reported financial crimes post demonetisation and hence the ED launched the enquiry operation at over 50 bank branches across the country. The enquiry is to detect money laundering and hawala dealing instances of public sector and new gen banks. However no cooperative bank is involved in this corruption as coop banks are denied exchange of demonetised currency.
All bank branches in India are now seemingly busy with demanding KYC from clients. Does it mean that bank did business all these time with out knowing the customer? What the banks actually needed is the PAN number of the customer. So the present impetus in KYC drive may be conveniently changed to GYP- Give Your PAN.
K A Solaman
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