Wake up call: UCBs falling prey to mafias

...............The most worrying thing is the unscrupulous politicians have cynically used cooperative banks located in the country’s largest state UP for making thousands of crore of their black money white. According to the CBI information, most of laundering is done through fictitious accounts. Sources say the massive amount of black money thus made white by politicians could easily be used for subverting democratic norms and processes in the country. What passes comprehension is the RBI’s refusal to share information on grounds of confidentiality. But HT feels information on cases of fraud or violation of the guidelines by banks could be shared as intelligence inputs. Sources say the RBI is subject to the accusation that it has been rather slow in taking action even when it had enough information on the erring banks.................

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