“There is no risk of systemic failure. There are certain aberrations which we have discovered in the audit report.

“These would be addressed in terms of systemic factors and individual cases,” Mr. Takru told reporters outside the Mint Road office of the RBI.

“Whatever responsibilities would have to be fixed will be fixed and whatever rectifications have to be done would be done,” he added.

The Banking Secretary said he had received the RBI’s interim audit report on the allegations levelled in the sting operation by news portal Cobrapost.

However, Mr. Takru said he was not at the RBI to recommend specific actions in this regard.

“An audit report has come and now the banks would probably be asked for their versions… We don’t need to recommend anything; we discussed the issue and everybody will do whatever one is supposed to do after that. The RBI would be doing what they are required to do,” he said.

ICICI bank, HDFC Bank and Axis Bank were last month named by Cobrapost for indulging in money laundering.

June 13, 2016

Audit finds aberrations in ICICI, HDFC, Axis: Takru

A Reserve Bank of India audit has found certain ‘aberrations’ at ICICI Bank, HDFC Bank and Axis Bank, which were accused of money-laundering by an online portal, but no risk of systemic failure was discovered, Banking Secretary Rajiv Takru on Thursday said.
July 16, 2013

Banking after the investigation

Wealth management services (WMS) undertaken by banks have gained substantial prominence in the reform era. With bank managements forced to look for additional avenues to boost […]
July 11, 2013

RBI fines 3 banks Rs 10.5cr for violating KYC norms

MUMBAI: The Reserve Bank of India (RBI) has imposed penalties on Axis Bank, HDFC Bank and ICICI Bank of Rs 5 crore, Rs 4.5 crore and Rs 1 crore respectively for violation of anti-money laundering norms. Noting that no money laundering appears to have taken place, RBI on Monday said that a conclusive inference can be drawn only by an end-to-end investigation by tax and enforcement agencies.
July 11, 2013


The sting operation conducted by the online portal Cobrapost on Monday came back to haunt the banks it had snooped on as the Reserve Bank of […]