UCBs in CBI net for laundering money

.....Given that UCBs have immense penetration across the country, violations of norms and irregularities committed by them are ‘particularly grave’. There are 1,645 UCBs, more than 8,150 branches, R2 lakh crore of deposits and their advances are valued at R1.3 lakh crore. While the RBI has filed a criminal case against the UP-based Indian Mercantile Cooperative Bank, it was the Intelligence Bureau that had alerted the finance ministry about the scam. The modus operandi involved depositing and withdrawing money from accounts of fictitious individuals............

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