-Cobra Post A sting operation conducted by online magazine Cobrapost across various branches of private financial institutions has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost claims that the nationwide operation shows how private banking and insurance affiliates launder money as part of standard procedures. The sting also shows that money laundering services are openly being offered even to walk in customers who...

-The Indian Express Setting up women-only banks overlooks the reasons for their exclusion The women-only bank mentioned in the finance minister's budget speech is like flowers and chocolates — a sweet thought but just as unsubstantial. Financial exclusion of women is a real problem. It deserves far greater effort than sops like a women-only bank. Such a bank also runs counter to the logic of mainstreaming, rather than ghettoising, gender issues. It is...

-PTI Castigates the company for fraudulent practices in winning an aided project in Tamil Nadu The World Bank has barred Larsen & Toubro (L&T) from doing any business with it or the projects funded by it for six months, after finding that a senior executive of the conglomerate has indulged in fraud. The debarment will continue till September 6, making L&T ineligible for being awarded contracts for any World Bank-funded projects, from receiving...

-The Business Standard Asks banks to take immediate action against officials responsible for lapses A day after a Comptroller and Auditor General of India (CAG) report pointed out irregularities in the Rs 71,680-crore agricultural debt waiver and debt relief scheme of 2008, the Reserve Bank of India today swung into action. It asked lenders to verify all the accounts granted benefits under the scheme. RBI said administrative and accounting lapses on the part...

-Live Mint Govt reiterates it will crack down hard on tax evaders, defends steps introduced in Finance Bill to check evasion The government on Tuesday reiterated its intention to crack down hard on tax evaders and defended some of the stringent provisions introduced in the Finance Bill last week to check evasion, including granting wider powers of arrest to taxmen and making certain offences non-bailable. Finance minister P. Chidambaram, in his budget speech...