Banks Feel the Sting, Ask Staff to Go Slow with Cover Drive

ICICI Bank and HDFC Bank, the lenders found to have violated basic Know-Your-Customer (KYC) norms, have ordered their staff to go slow on sale of insurance products that are seen as the main means used by customers to avoid taxes and legitimise ill-gotten wealth. These banks have verbally requested staff in many of their branches not to pursue sale of insurance voluntarily till the dust settles on the cobrapost.com sting operations, said three people familiar with the instructions...................

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