Operation Chakra-V has laid bare the systemic vulnerabilities of India's banking sector. In a sweeping crackdown, the CBI uncovered over 8.5 lakh mule accounts across 700+ bank branches, used to launder cybercrime proceeds. This isn't just a law enforcement victory—it’s an indictment of the banking infrastructure that enabled it.
Despite the digital transformation narrative pushed by banks…. basic lapses continue. RBI had halted HDFC Bank’s credit card issuance in 2020 due to repeated tech failures.
ICICI faced public shame for aggressive loan recovery tactics, and its former CEO Chanda Kochhar became a symbol of internal corruption.
SBI, the country’s largest lender, failed to uphold transparency in the electoral bonds case.
Now, the KYC process—supposedly the backbone of secure banking—has been rendered ineffective.
Banks, wittingly or otherwise, have become facilitators of cybercrime.
The massive misuse of mule accounts reveals not just negligence but a profound lack of integrity and accountability.
The Indian banking system, riddled with scandals from Mehul Choksi to NPAs, now stands exposed.
Operation Chakra-V is a wake-up call: without serious reform and digital vigilance, our financial infrastructure remains a playground for fraud.
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