NEWS & ADVICE : SAVINGS ACCOUNTS
RBI initiates scrutiny of top 3 private banks following money laundering allegations
By Neelima Shankar
Mar 20, 2013
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The Reserve Bank of India has decided to initiate the process of carrying out scrutiny covering both head offices and branches of all the top three private banks- HDFC BankICICI Bank and Axis Bank.

The scrutiny has been initiated after the money laundering allegation was put on the banks by the online portal, Cobrapost.com. The sting operations conducted across some of the branches of these banks, alleging violation of the RBI regulations, Foreign Exchange Management Act guidelines, Prevention of Money Laundering Act (PMLA), and so on.

The central bank has also undertaken a thematic study of banks that sell gold coins/ wealth management products to examine any legal loopholes, if any.

The final reports on all the three banks will be completed by March 31st, 2013, RBI said in a statement.


 


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