According to the IT dept, a lot of black money is being kept in cooperative banks in Kerala. The IT dept. has asked the cooperative banks to provide the details of account holders with substantial deposits.
There has been a feeling of worry that the cooperative banks are being used for money laundering.
However, the cooperative banks have been critical of the IT dept arguing the IT move has imperilled their constitutional privilege. The banks have formed ” the Kerala cooperative banking sector protection committee” to mobilize themselves against the IT dept.
On the contrary, IT officials charge that the cooperative banks are not giving required information about depositors. The dept will soon take necessary action against both depositors and banks under the Money Laundering Act, officials held out a threat.
