Wake up call to ICAI, after this sting operation of Leading private banks

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

The main reason of these illegal activities is RBI policy regarding the 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.

Moreover the RBI also applied a like policy to Public Sector Banks too and thus, radically reduces 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 Private banks too.

Thanks and best regards

CA Himanshu Kansal

(B.Com, ACA)

Mob: +91-97801399944

E-mail: kansal.himanshu1@gmail.com