The Reserve Bank of India plans to send officers from its regional offices to scrutinise transactions at those branches of ICICI Bank, HDFC Bank and Axis Bank where an online magazine captured on camera branch staff allegedly offering to convert clients’ black money into white.
A senior regulatory official said the scrutiny of past transactions is to verify the authenticity of the claims made in the undercover operation by Cobrapost.com.
“The RBI is vested with powers to check bank transactions. If there is any wrongdoing then it can even file a first information report,” said the official
Following the alleged expose on money laundering, the central bank is planning to further tighten the risk management and compliance norms for banks.
Meanwhile, shares of ICICI Bank, HDFC Bank and Axis Bank ended lower by 3.93 per cent, 1.67 per cent and 0.90 per cent respectively on the BSE.
Analysts say shares of the banks were weighed down by the money laundering allegations made by the online magazine.
Keywords: money laundering charge, RBI, private sector banks, Cobrapost.com,
Comments:
The verification by RBI officers may not yield the desired results as
the Officers may not be fully conversant with the software used by
various Banks and also the intricacies of Commercial Banking. There are
hundreds of Retired Bank Officers available who are well versed with
Audit, Inspection and detection of such transactions. Why not make use
of their expertise ?
Greetings for the day!
I had noticed forged signature over account opening form, that was made by the personnel of ICICI. But no one weren't to help me from Government / RBI / SEBI / Media / Police / Bank. Though, I had also noticed the same forgery in Kotak Securities and SBICAP Securities.
Moreover, one case towards HDFC and Swiss Fist Asia Bank of Hong Kong is already filed in the first week of January 2006 with C.I.D. Kolkata, and unfortunately that's still ongoing, because the Indian Justice have no time for final hearing.
Why are you representing to the money-laundering as a big issue, when you had not heard in my case of FORGED SIGNATURE?
Best Regards
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