Money & Banking

RBI looking at changes in ‘know your customer’ norms

Beena Parmar Mumbai | Updated on March 12, 2018 Published on April 23, 2013

K. C. Chakrabarty, Deputy Governor, RBI.

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No transactional evidence of money laundering, says K. C. Chakrabarty

The Reserve Bank of India has clarified that there is no transactional evidence of money laundering found in the top three private sector banks (ICICI Bank, HDFC Bank and Axis bank) involved in the Cobrapost expose.

"In none of their branches there was a case of money laundering... No transaction has taken place," said K.C. Chakrabarty, Deputy Governor, RBI.

He also said that the regulator was examining changing the way business is done, including KYC (know your customer) norms.

The Deputy Governor added that the system was good. “There is no problem at a transactional level, some aberrations will always take place.There is a need to look into these issues," he said.

If necessary, as and when needed, banks and the RBI will take corrective measures, Chakrabarty added.

The RBI is undertaking thematic review in 34 other banks following the Cobrapost expose.

Falling commodity prices

On the recent fall in the gold and other commodity prices, Chakrabarty said that this will help bring down the inflation levels.

“Falling commodity prices is good for sustainability. If commodity prices come down, inflation will come down. So, we are happy about that," he said.

Published on April 23, 2013
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