In which the trappers get entrapped4 min read 19 Mar 2013, 07:55 PM IST
It'd be a pity if the RBI continues to turn a blind eye to the decay in the bank branching system.
Until recently, bank branches were known anecdotally for trapping people into toxic insurance products. In a strange twist, employees at some bank outlets have themselves got trapped in the process of doing more than selling such products. If the expose by online magazine Cobrapost.com, which showed people it claimed were officials in Axis Bank Ltd, HDFC Bank Ltd and ICICI Bank Ltd across 20 cities offering to launder money, is correct, the crime moves up several notches—from mere mis-selling products to middle-class Indians to using the banks and insurance companies to turn black money into white.