On the money

The Cobrapost sting operation revealing alleged money laundering by the country's top three private banks had elicited strong reactions from some bankers. Among them was Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty who, initially, had emphatically denied that any transgressions had taken place. Now that the investigation report has been readied by the RBI, which talks about certain aberrations, he was recently asked if he stood by his earlier reaction; to which his sharp retort was, "It's not money laundering, it's your financial illiteracy."