Press Esc to close
Friday 24 February 2017
News updated at 2:07 AM IST
Weather
Max: 35.2°C
Min : 19.2°C
In Bengaluru
clear sky

RBI starts scrutiny of three banks

New Delhi, Mar 18, 2013, PTI:

The Reserve Bank on Monday said it has started a comprehensive scrutiny of head offices and branches of ICICI Bank, HDFC Bank and Axis Bank, which are accused of money laundering and violating regulations like FEMA and KYC.

The scrutiny will be completed by March 31.

“The RBI has initiated the process of carrying out comprehensive scrutinies covering both, Head Office and branches of three private sector banks, namely, ICICI Bank, HDFC Bank and Axis Bank,” the central bank said in a statement.

“The final reports on all the three banks will be completed by March 31, 2013 and thereafter further course of action as necessary will be initiated,” it added.

The three private sector banks were accused of money laundering in a sting operation by online portal, Cobrapost.

“The scrutinies have been initiated after an online media firm on the basis of its sting operations across some branches of these banks alleged money laundering and violation of several provisions of the RBI Regulations,” RBI said.

It further said the allegations also pertain to violation of Foreign Exchange Management Act guidelines, Prevention of Money Laundering Act (PMLA), among others.

The media firm had uploaded some videos on the internet relating to these banks as well as ICICI Prudential Life Insurance and HDFC Life Insurance, RBI added.

Apart from this, the RBI has also undertaken a thematic study in respect of banks that are active in selling gold coins/wealth management products to examine whether there are systemic issues and to plug deficiencies and legal loop-holes, if any, the statement added.

Meanwhile, the three private sector banks, named in the sting operation, have started their own internal investigation. They have also suspended staff concerned pending probe.

Last week, Cobrapost had played the contents of a purported video recording of officials of
the private banks allegedly agreeing to receive unverified sums of cash and put them in their investment schemes.

 

Go to Top

Photo Gallery
A boy carrying his grand father for casting during the 4th phase of assembly elections...

A boy carrying his grand father for casting during the 4th phase of assembly elections...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

NSUI activists participating in peace unity march at Delhi University in New Delhi...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

A man dressed as Hindu Lord Shiva performs during a religious procession ahead of the Hindu...

An elderly woman with her goat at the parched bed of a pond in a village in Hubli district...

An elderly woman with her goat at the parched bed of a pond in a village in Hubli district...

An airplane carrying rejected asylum-seekers taxis to the take-off runway at the airport...

An airplane carrying rejected asylum-seekers taxis to the take-off runway at the airport...

Artist K P Satish Babu and team presentation a Doll Dance at the Nirantharam National Music...

Artist K P Satish Babu and team presentation a Doll Dance at the Nirantharam National Music...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Fake notes of Rs 2000 which were dispensed by an SBI ATM in south Delhi...

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Chief Minister of Gujarat Vijay Rupani gives envelop to a newly married couple of Brahmin Community.

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Tigers playing with each other in cage at Sarthana National Park (Surat) in Surat...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

Akshar Yoga chain members performs stunts during the awareness programme on self defense ...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523