The independent investigative website Cobrapost accused as many as 23 public and private sector banks and insurance companies of “running a nation-wide money laundering racket, blatantly violating laws of the land”. The second sting operation alleged that the irregularities in India’s financial institutions is a systemic problem….Coprapost

According to Coprapost, the sting operations have revealed violation of several provisions of the Income Tax Act, FEMA, RBI regulations, KYC norms, the Banking Act, said Bahal.

Those named in the expose include SBI, LIC, Punjab National Bank (PNB), Bank of Baroda, Canara Bank, Reliance Life, Tata AIA, Yes Bank, Indian Bank, Indian Overseas Bank, IDBI Bank, Oriental Bank of Commerce, Dena Bank, Corporation Bank, Allahabad Bank, Central Bank of India, Dhanlaxmi Bank, Federal Bank, DCB Bank and Birla Sun Life.