Earlier expose by Cobrapost had revealed how private banks such as HDFC, Axia and ICICI provided money laundering services. Now they reveal that public sector banks across the country, including SBI, Canara Bank,IDBI, Punjab National Bank, Oriental Bank of Commerce and Central Bank do the same too. Cobrapost II live: Big public banks also named in money laundering Cobrapost has named Andhra politician Sailijanath Saake in money laundering expose and also alleged that senior bank executives personally go to collect cash to help customers launder black money. â€œBank officials holding the ranks of divisional managers, territory manager, assistant general manager and vice presidents say they are all party to such money laundering transaction, said Aniruddha Bahal. He has accused 23 private and public financial institutions of aiding money laundering. Life Insurance Corporation, State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Indian Bank, IDBI Bank, Yes Bank, Federal Bank, Reliance Capital, Birla Sunlife are among the few that have been named. Aam Aadmi Partyâ€™s supremo Arvind Kejriwal said the expose revealed that the government of India is directly allowing and encouraging money laundering. He also raised doubt whether banks and insurance companies are laundering terror money. According to the expose, banks provide facilities to customers such as multiple lockers and machines to count money. For money laundering, banks enable creation of forged pan cards and multiple accounts, said Bahal, adding that they advise investors to maintain fictitious accounts for seven years saying that all details vanish after this period. However, immediately after the press conference began, banking stocks recovered from the morningâ€™s losses. The bank Nifty is down just 0.8 percent. Bahal alleges money laundering by 23 fin institutions 10am: In his second expose on irregularities in the Indian financial system, Aniruddha Bahal today accused 23 public and private financial institutions for facilitating money laundering. Cobrapost has named public banks including State Bank of India, Canara Bank IDBI, Punjab National Bank, Oriental Bank of Commerce and Central Bank. The Cobrapost investigations were conducted fore more than half a year in many states including Uttar Pradesh, Rajasthan, Delhi, Haryana, Andhra Pradesh & Karnataka The second round of secret videos have revealed violation of several provisions of the Income Tax Act, FEMA, RBI regulations, KYC norms, the Banking Act, said Bahal in a press conference today. â€œThe revelations amounts to crystal clear offenses under IPC as well as the PMLA (Prevention of Money laundering Act).â€ â€œMoney laundering services are being offered openly as a standard product across the board. Even a walk-in customer can avail of such services that help him launder all his unaccounted cash. Money laundering practices are part & parcel of banking & insurance business across the board,â€ added Bahal. Bahal promises another expose on money laundering by banks 9:00 am Investigative journalist and editor of digital magazine Cobrapost, Aniruddha Bahal is all set to release a new set of secret recordings to expose irregularities in the Indian financial and banking system, which is likely to be 20 times bigger than the first expose and may name several big politicians too. On March 13, Bahal had aired several secret recordings showing that several bank employees were involved in structuring transactions to aid tax evasion and fraudulent transfer of funds. Codenamed â€˜Operation Red Spiderâ€™, it exposed money laundering practices in HDFC Bank, ICICI bank and Axis Bank. Todayâ€™s expose will cover the whoâ€™s who of the Indian financial industry and claims to have more evidence of money laundering by leading banks. Bahal will address a press conference at 9:30 am through the screening of the investigative documentary. The previous videos showed staffers of these three leading Indian banks allegedly flouted norms related to know-your-customer (KYC) and help customers stash black money in lockers and abroad. The Cobrapost videos showed bankers asking for easily available KYC documents, and, in some cases, even advising customers not to submit a PAN card so they can stay off the tax radar. While all three banks have denied any wrong doing and publicly stated that all operations are ethical, the Reserve Bank of India on Friday said it has not given a clean chit to the three banks, which are accused of money laundering and flouting KYC norms, and stated the probe against the three banks is still on. â€œWe have talked to those banks, called those CEOs for a meeting, told them about what the deficiencies are and they have gone back and implemented some of the systemic improvements,â€ Subbarao said, adding RBI officials have also spoken with forensic auditors appointed by these banks. Meanwhile, to ensure customer due diligence is adhered to, RBI has asked banks to extend KYC/AML/CFT norms to wherever third party products are sold as agents as a measure of abundant precaution. Banks would also have to maintain details of third party products sold and related records for a period and in the manner prescribed in the KYC/AML/CFT guidelines.