<h1>Government Orders Immediate Action by Public Banks and LIC After Expose on Money Laundering and KYC Violations.</h1> The government has directed the heads of public sector banks and the Life Insurance Corporation (LIC) to take immediate action following the Cobrapost, Red Spider 2 expose. The expose revealed potential misconduct by bank and LIC employees related to money laundering and non-compliance with Know Your Customer (KYC) norms. Employees found advising customers in ways that breach legal processes may be suspended pending inquiry. Those whose conduct does not meet institutional standards but does not warrant suspension may be asked to take leave while further examination occurs. A detailed report on actions taken is required from each institution.