Investigative website CobraPost’s exposes have shown bankers across India, both public and private, promising the whole array of dirty tricks: money-laundering, opening dummy accounts, and sending illegal funds overseas—to an undercover reporter. But though strict norms (such as Know Your Customer) seem to have been flagrantly flouted, the regulatory response has been tame: the banking association has been asked to conduct an inquiry. CobraPost editor Aniruddha Bahal talks to Pragya Singh on the “odd” reactions to his sting operation, dubbed Red Spider. Excerpts:
What do you make of the reactions of the authorities to Red Spider?