SBI, HDFC, ICICI Bank see surge in suspicious transactions during COVID-19

By Administrator_India Capital Sands Top banks in India have reported a surge in suspicious transactions by companies in cash and overseas transfers since COVID-19. State Bank of India, Bank of Baroda, ICICI Bank, and HDFC Bank have started red-flagging such transactions that defy traditional company patterns. Banks are keeping an eye on companies that have recorded a spike in trading, dealing with unrelated goods and services, or there’s a sudden outflow of money to other countries, said a report. The Financial Intelligence Unit has been inspecting several transactions and even pulled…

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