Since the money laundering charges against those three private banks surfaced some time back, many people have asked me the question : is it safe to keep our money with those banks ?
Well that’s the power of media, and the credibility that it enjoys. Anything that is seen on the screen or in print is all that matters. With the proliferation of the media, we seem to have suspended our thinking abilities.
For I see no connection between my money in the bank and the money laundering by the bank. Someone who has some filthy money to be washed gets it done; my money does not enter into the picture at all. Well, there does exist a possibility that my account may be used as a drum of the washing machine. But then, I need to be alert. And I need to not be greedy to let it happen for a price.
But what surprises me more is the fact that there exists a chain of laundries where small fry can get their soiled money washed white. And nobody speaks about these. Well, do not be shocked, the chain is operated by Government of India. Not to leave you in suspense, I am talking about Post Offices.
For small people like you and me, the only places which accept cash for investment are Post Offices, whatever the form of investment may be – NSCs, Postal Deposits, whatever it is. Banks do not (or at least make you do endless formalities, and ask for all sorts of documents), Mutual Funds do not, Insurance companies do not. Is it wrong for Post Offices to accept cash, should it not be done ?
That is a debatable point. But the fact is the laundries are open. And the media does not speak about them.