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Nifty fell down nearly 50 Points on the early trade due to independent investigative journalist, Aniruddha Bahal of Cobrapost, about the widespread money laundering in India's top private sector lenders ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd.Bahal, founder and editor-in-chief of Indian news and opinion website Cobrapost.com, said he had collected hundreds of hours of video recordings from "dozens and dozens" of bank branches across the country. He did not say when the recordings were compiled.
An article on the website posted on Thursday said an associate editor, using an alias and pretending to work for a fictitious politician who wanted to launder money, sought advice from bank officials on how to do it.
The article said branches across all the three banks suggested laundering methods that were "imaginative in their range and brazen in their approach."
Cobrapost alleged that these money laundering services are being openly offered to even walk-in customers who wish to launder their illicit money and a variety of options for laundering ill-gotten cash are being offered brazenly. The post said these these money laundering services are being offered practically as a standard product across the country. "This huge money-laundering racket being run by these banks has been captured by Cobrapost, on video-tape, running into hundreds of hours. The evidence is graphic, crystal-clear and clinching," the site said.
The investigation by Cobrapost finds the banks and their managements systematically and deliberately violating several provisions of the Income Tax Act, FEMA, RBI regulations, KYC norms, the Banking Act and Prevention of Money laundering Act (PMLA) with utter disregard to consequences, driven by their desire to boost cheap deposits and thereby increasing their profits.
Later WPI-based inflation rose to 6.84% in February 2013 after falling to a three-year low of 6.62% in January.With inflation in manufactured items showing signs of decline, the Finance Ministry today expressed the hope that RBI will reduce key interest rate in its monetary policy review next week.
Most analysts are expecting the RBI to do a trade off with growth with at least a 0.25% cut in the short-term lending rate in the March 19 policy meet.
So Market Recovered from the Deep loss from 5792 to 5920 nearly 128 Points Gain.
So whats the Technical Says....
Nifty formed a IHS like Pattern, Usually IHS formed on the top of the chart doen't work, but if breaks above the Resistance line on chart or 5971, then a 300 Points Rally not ruled out.
Lets see it on Interesting Friday...Cheers!!!
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