......The banking regulator, RBI, too needs to take stock after ensuring financial inclusion of the poor is not affected. A handful of officials from the banks in question and their group insurance companies who were encouraging money laundering are certainly not the only exceptions in the country. Today, many banks are smart users of banking technology and can easily intercept potential cases of KYC mutilation by any of their branches. We do not know how robust their IT systems are, but we do know that there are far too many other banks in the country where even the IT systems do not exist to detect branch-level offences. RBI, the finance ministry and even the insurance watchdog need to get doubly serious........
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