Contact Your Financial Adviser Money Making MC
14
December 2016
 |
Urjit Patel (The Total Investment & Insurance
Solutions)
The Indian National Bank Employees'
Federation (INBEF) has alleged that private sector banks were supplied with
abundant new currency notes compared with public sector banks (PSBs), which
would have been used for money laundering. The Total Investment & Insurance
Solutions
INBEF, in a letter to Dr Urjit
Patel, Governor of the Reserve Bank of India (RBI) says, "If we take into
consideration the total number of branches of HDFC Bank, Axis Bank and ICICI
Bank, there are around 12,100 branches of them in India (4,541 of HDFC Bank,
4,450 of ICICI Bank and 3,120 of Axis Bank). The number of branches of PSBs
across the country is 86,958. However, these three private sector banks are
supplied with abundant new currency to enable money laundering." The Total Investment
& Insurance Solutions
The bank employees' union also cited
an example from Tamil Nadu, where there PSBs have around 9,000 bank branches
compared with 900 branches of the three private sector banks. "These
private sector banks (900 branches) were given Rs6,100 crore (Rs6.7 crore per
branch), while the PSBs received just Rs7,800 crore or Rs86 lakh per branch.
How could RBI do this when lakhs of customers of PSBs were standing in long
queues and also the helpless staff of PSBs was thrown to face the public anger.
The same situation is almost in all states. Is it not, the reason that we find
crores of new currencies at the hands of money launderers?" INBEF says.The Total Investment
& Insurance Solutions
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