The Reserve Bank has unearthed various discrepancies, including non-compliance of KYC norms and fictitious PAN, in its probe following the Cobrapost expose that alleged money laundering by banks.RBI had launched the investigation into the working of banks following the expose which showed some bankers giving suggestions to customers on ways to bypass regulatory norms.The first expose had named ICICI Bank, Axis Bank and HDFC Bank. Later 23 public and private sector banks and insurance companies figured in the expose relating to money laundering.Last week, RBI Governor D Subbarao had said the central bank had completed its investigations into the issue and would take action if banks were found guilty of violating prudential banking norms
News On AIR | May 14, 2013 8:39 AM
Cobrapost expose: RBi completes probe; to take action against violators