New Delhi: The Reserve Bank of India is probing the Cobrapost sting operation on alleged money laundering by top banks. The RBI report has revealed major irregularities in top banks.
The report shows string of violations on several counts. Sources say the RBI report reveals dummy PANs, unknown NRO IDs, unauthorised gold sale, rampant non-compliance of KYC norms and irregular staff trips.
Sources say the RBI probe into ICICI Bank reveals cash transactions over Rs 10 lakh from unknown sources in non-resident accounts. There are close to 1,000 cases of customers with multiple IDs in 14 ICICI Bank branches. It reveals cash above Rs 50,000 accepted without a PAN number.
The report on HDFC Bank reveals violaton of KYC norms. Up to Rs 5 lakh cash was accepted for gold per day per customer, say sources....
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01:14 PM, May 13, 2013
Mumbai/ New Delhi: Big banks say it will be difficult for them to pass on the benefit to customers even though the Reserve Bank of India (RBI) cut repo rate by 25 basis points on Friday even though the cash reserve ratio was left untouched. The banks say RBI's move is not enough to cut interest rates for customers. The State Bank of India (SBI) said there is not much...
03:03 PM, May 03, 2013
Coimbatore: A fire at Axis Bank in Avinashi near Coimbatore has left four people dead. All four dead were women employees of the bank. The bank was on the third floor and there was no emergency exit at the bank. The fire has been doused and the situation was brought under control. The cause of the fire is not known yet, but a short circuit is suspected. ...
12:52 PM, Apr 25, 2013
Panaji: The Goa government has decided to convert tourist taxis into radio-equipped taxis by equipping them with gadgets like wireless. Goa Chief Minister Manohar Parrikar told the state Assembly on Wednesday that a group of around 25 taxis could be clubbed together and provided with facilities like wireless sets, introducing a radio-taxi concept in the state for the first time. "We could start with 25 taxis for the time being....
10:38 PM, Apr 24, 2013
Deutsche Bank believes the recent investor pessimism in India is overdone and sticks to its BSE Sensex target of 22,500 by the end of December. Deutsche says the government may shift to executive decisions to pass its agenda, focusing on actions that do not require parliamentary approval, thus reducing concerns about its reform agenda after a key ally withdrew from the ruling coalition. ...
03:15 PM, Mar 25, 2013
Reserve Bank of India Deputy Governor KC Chakrabarty has given a clean chit to private banks named in the Cobrapost expose on money laundering. The Central bank said there was no systemic issue involved in the Cobrapost allegations. ...
08:30 PM, Mar 21, 2013
In more trouble for the banks that were indicted in a recent Cobrapost expose, which caught some of the employees of HDFC, ICICI and Axis banks offering money laundering services, sources now say that the Reserve Bank of India (RBI) has sent its teams to those branches of the banks for an audit. The results of the audit is expected in two to four weeks. ...
04:26 PM, Mar 18, 2013
Private banks are in damage control mode after their employees were shown aiding money laundering in a sting operation by online magazine Cobrapost. While ICICI Bank has suspended 18 employees pending an investigation, HDFC Bank says it has ordered a probe by independent agencies on the expose. ...
03:49 PM, Mar 16, 2013
A sting operation conducted by online magazine Cobrapost across various branches of private banks has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost Editor Aniruddha Bahal has insisted that leading private banks like HDFC Bank, ICICI Bank and Axis Bank are involved in this. He joined IBNLive readers for an interaction on the issue. ...
05:23 PM, Mar 15, 2013
The Financial Intelligence Unit (FIU) of the Finance Ministry will probe an alleged sting operation conducted by an online portal claiming that the country's three large private banks indulged in money laundering both within and outside India. The FIU will also provide information in this regard to the Income Tax department which has already begun a probe into the contents of the sting operation, a senior I-T official said on...
11:39 PM, Mar 14, 2013
A Cobrapost expose on Thursday revealed how employees at some private banks were brazenly carrying out money laundering operations. ...
11:27 PM, Mar 14, 2013
Top private sector lenders ICICI Bank, HDFC Bank and Axis Bank said they were investigating allegations of widespread money laundering practices at their branches. The shares of the banks fell briefly on Thursday after the independent investigative journalist, Aniruddha Bahal, made the accusations in a news conference televised by a local TV station in the morning. ...
10:35 PM, Mar 14, 2013
Every rule laid down by the Reserve Bank of India has a possible loophole - that's what the bankers exposed by the Cobrapost sting claimed. ...
10:09 PM, Mar 14, 2013
A sting operation conducted by Cobrapost across various branches of private financial institutions, including HDFC, ICICI and Axis banks showed how bank employees were helping customers convert black money into white. ...
08:36 PM, Mar 14, 2013
A sting operation by Cobrapost revealed how employees at some private banks were involved in money laundering operations. ...
07:01 PM, Mar 14, 2013
The Central Board of Direct Taxes (CBDT) on Thursday ordered a probe into the expose done by online magazine Cobrapost that revealed employees of private banks involved in money laundering operations. The sting operation conducted across various branches of private financial institutions like HDFC, ICICI and Axis banks revealed how their employees were accepting black money from customers to convert them into white money. Cobrapost claims that the nationwide operation...
06:50 PM, Mar 14, 2013
The Reserve Bank of India (RBI) suspects some banks are involved in KYC violations, sources said. The RBI has sent showcause notice to one bank and a probe is on in the NCR region. ...
03:06 PM, Mar 14, 2013
ICICI Bank has in a quick response to money laundering allegations in a Cobrapost sting operation said that the bank launched an investigation into the matter and that a committee will submit its report in two weeks on the issue. ...
11:00 AM, Mar 14, 2013
A sting operation conducted by online magazine Cobrapost across various branches of private financial institutions has revealed how bank employees are accepting black money from customers to convert them into white money. ...
10:37 AM, Mar 14, 2013
Stargazers will get a celestial treat on New Year with Sun coming nearest to our planet on Wednesday. The Earth will be at its nearest point from the Sun at 10:10 am on Wednesday at a distance of 147 million km, Planetary Society of India General Secretary N Sri Raghunandan Kumar said on Tuesday. ...
03:22 PM, Jan 01, 2013
