Bank officials redefine corruption

Whenon the 8^thNovember,the Prime Minister announced thedemonetization;the prime cause behind it was stated was to abolish corruption. People of the nation also welcomed this announcement. But as the time passed the nation witnessed a new form of the corruption. This was the corruption of the banks. During conversion of old 500 and 1000 rupee notes into new notes some corrupt bank officials earnedcroresof rupees. It is often suspected that whether it may be the issue of rising NPA or the suspected transaction of huge amounts, it may not be possible without the involvement of some bank officials. Fresh cases of turning black money into white have in fact proved the existence of corrupt elements within the banking system. After the demonetization taking stern action against financial irregularities the Enforcement Directorate (ED) raided on the Wednesday at more than 50 bank branches across the country. ED started this drive on 50 branches of 10 banks including both private and public sector banks.Theseraids were conducted atDelhi,Mumbai,Bangaluru, Hyderabad, Kolkata and Chennai alongwith other cities. Records of such bank branches are being investigated where the old notes have been deposited in large number or huge amount have been deposited in the accounts at one time or several times. The Directorate has now made the third arrest in the money laundering investigation related to thesaid note conversion in conspiracy with the Axis Bank officials. ED has arrested Chartered Accountant (CA) RajeevKushwahaunder the provisions of Prevention of Money Laundering Act (PMLA). On Wednesday the CBI has arrested a senior manager of Central Bank of India and two proprietors of a company inBangalurufor said contravention of RBI guidelines relating to the cancellation of 500 and 1000 rupee notes. After the demonetization an SBBJ Bank cashier inDausain Rajasthancame inlimelight for exchangingRupees onecrorewithout using any ID for it.In this case the role of two other bank officials is also suspected. CCTV footagehasrevealed various secrets in this case. It is revealed that the cashier had taken 22 per cent commission i.e. Rupees 22lakhto convert Rs. Onecrorefor his two friends residents ofJaipurandDausa.The amount has been credited to his account at one time. We are unable to understand how the consignments of new notes are being caught in the entire country? On one hand the poor public is standing for in queues outside the ATMs and banks to withdraw their own money, one the other hand new currency notes worthcroresof rupees are being apprehended?On Thursday theIncome-tax department haveraided eight places in Chennaiand seized Rs. 90crorein cash and 100kgsof gold. This 90croreincludes the demonetized money and new currency notes. Since the decision of Central Government of demonetization, cash crisis has not been solved so far. General public stranded for hours in the bank queues, yet the many influential have reconverted their currency by their sources. Almostone week ago alineman of Electricity department had visited an entrepreneur’s house at Sector 51 inNoidafor some work. After finishing the job he asked for money, and the wife of that entrepreneur handed him over an old 500rupee note. Since the lineman familiar to the entrepreneur, he told her that these notes are out of circulation now. But if you don’t have  new notes, you may pay later.He then  told her that if  aren’t you getting new notes?I can get them. To testify his claim the lady gave him a packet of 500 rupee notes (Rs. 50,000) for exchange. Within three hours the lineman handed over the lady an amount of 50 thousand in 2000 and 100 rupee notes and said that if she wants to exchange more notes he can also do that.Thoughthe conversionof such a huge amount easilyamidst the problems of people being pushed for just Rs. 2000 outside the banks and ATMmay be astonishing,yet the conversion of notes in banks for capitalists and bigbureaucrats has beeneasier even in the cash crisis due to some corrupt bank officials. Whenever the banks are supplied with new notes,a low percentage of it is disbursed among the public. Rest of huge amount is kept either for some special persons or for conversion by taking huge commission. In a meeting held in the state office of the Delhi BJP Traders’ Cell, the representatives of major trade organizations in Delhi have to say that bank officials are large defaulters since while the common trader is facing problem in withdrawing money from savings and current accounts, the huge arrival of new notes in market indicate the alteration of banks and bank officials.After the demonetization the traders shared their experiences with BJP’s National Vice PresidentShyamJajuand the State BJP PresidentManojTiwari. It has been reported that a local BJP leader in Kolkata has been arrested with new notes worth Rs. 33lakhs. The whole amount was in new notes of Rs 2000. The arrested leader Manish Sharma is a resident ofRaniganjinBurdwandistrict. He has been arrested alongwith six coal mafias. Weaponshavealsobeen seized from them.Lastlythe Government is talking about the making total payment throughPaytm. After demonetization the government is emphasizing on online payment transaction. Yet it’s a fact that a little carelessness on your part may be beneficial for the culprits. A bag shopkeeper inShahdaraarea met with such an incidentusing E-Wallet. LokeshJain was paying his electricity bill viaPaytm. He was asked OTP (One Time Password). Just after giving the OTP an amount of Rs 17580 was misappropriated form hisPaytmaccount. After demonetization people are making transaction just throughPaytm. It means that evenPaytmis not safe. Banks have redefined corruption. If the Government is in a dilemma today, these banks are also responsible to large extent for it. 

·         AnilNarendra