RBI to take action against banks in connection to Cobrapost expose
By Neelima Shankar
Apr 12, 2013
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The Reserve Bank of India is initiating action against ICICI BankHDFC Bank and Axis Bank in connection with the allegations of money laundering by website, Cobrapost, said Mr. H R Khan, Deputy Governor.

"Actions are on the way. Scrutiny has been done, action is being taken both at the systemic level and at individual banks," Mr. Khan said when asked if RBI has completed investigations on the Cobrapost exposes.

"I will not be able to tell you the details but actions are being taken. Actions are being initiated both at the system level and the individual bank level," Mr. Khan said.

Asked when RBI would release the investigation report, he said, "I can't give you a timeframe but it will be out soon."

The country's three largest private banks, ICICI Bank, HDFC Bank and Axis Bank were named by online portal Cobrapost for indulging in money laundering.

The sting operation conducted by the portal alleged that some bank officials had offered to launder unaccounted money by investing in insurance schemes.

Soon after the exposes, RBI Governor, Mr. D. Subbarao had said some corrective steps would be taken to strengthen the banking system.


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