Wake up call to ICAI, after this Sting operation of leading Private Banks

An undercover sting investigation across India has shown up startling videos of bank executives of three leading private banks - HDFC, ICICI and Axis - providing ready assistance to a reporter, posing as a minister's aide, for laundering black money  into white through the banking system in clear contravention of banking
norms and laws.

The main reason of these illegal activities is RBI policy regarding audit of Private Banks. As per RBI norms, Private Banks are not required compulsory Branch Audit from Chartered Accountants. Due to this reason, all these banks are involved in illegal activities.

But RBI now applied this policy on public sector banks too and thus, radically reduced the no. of branches for Bank Branch Audit of Public Sector Banks from this year. It is very risky decision because it involves Public interest and public money. But our Institute should take up this issue with the concerned Authorities and pursue them to get all the Branches Audited, of not only Public Sector Banks but also of Private bank too.