Cobrapost

RBI probes Cobrapost report, reveals major violations by banks

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....more    

Money laundering: RBI action soon; banks start cracking whip

Srinagar/Chandigarh: Amid fresh allegations of money laundering by banks, RBI and several banks on Thursday said actions are being taken against erring institutions and employees for violating prudential banking norms. The central bank has already completed investigations against banks and would take action against guilty institutions, RBI Governor D Subbarao said in Srinagar. "We have done investigations, we have prepared an internal report. There are processes to be followed to...  

No criminality in Cobrapost findings: SBI

Chandigarh: Bank officials' advices of splitting deposits to evade taxes, as exposed in a sting operation by an online news portal, are "undesirable loose talks" but there is no apparent criminality, SBI Chairman Pratip Chaudhuri said on Thursday. "Prima facie, things that have come to our notice it looks (that) there is no criminality in the sense that somebody has suggested splitting up your deposits, say Rs 50 lakh into...  

Action against banks involved in money laundering soon: RBI

Srinagar: The Reserve Bank of India (RBI) on Thursday said it has completed investigations against banks following the Cobrapost expose and will take action if they are found guilty of violating prudential banking norms. "We have done investigations, we have prepared an internal report. There are processes to be followed to take investigations to its logical closure...The first is action against individual institutions who are involved in practises which are...  

India @ 9 with Rajdeep Sardesai

Catch the day's top stories with Rajdeep Sardesai on India @ 9. ...

Is the entire banking and finance system prone to money laundering?

As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. ...

Money laundering: No KYC norms violation at SBI, says bank chairman

CNBC TV18's Akanksha Sethi spoke to State Bank of India's chairman Pratip Chaudhary over the latest expose by Cobrapost revealing money laundering operations at SBI and other public sector unit banks. ...

Money laundering by banks: Govt to begin probe

New Delhi: As many as 23 public and private sector banks and insurance companies were on Monday accused of "running a nation-wide money laundering racket" by online portal Cobrapost, prompting the Finance Ministry and regulator IRDA to initiate independent investigations into the matter. In its second expose, Cobrapost accused country's leading banks and insurance companies of "running a nation-wide money laundering racket, blatantly violating laws of the land". Those named...  

News 360: SBI, LIC named in expose on money laundering by banks

Part Two of the Cobrapost investigation on money laundering methods used by banks focused on 23 major public sector banks and financial institutions. This included the State Bank of India as also the Life Insurance Corporation. ...

Money laundering by banks: Those at the helm must stem the rot

Part Two of the Cobrapost investigation on money laundering methods used by banks focuses on 23 major public sector banks and financial institutions. This includes the State Bank of India as also the Life Insurance Corporation. ...

RBI should release its audit report on the banks: Aniruddha Bahal

Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Aniruddha Bahal, editor-in-chief, Cobrapost.com, joined IBNLive readers for an interaction on the matter. Q. Hats off to you and...  

Money laundering by banks: Will take action depending on crime, says SBI

Twenty three public sector banks, including the SBI, and insurance companies have been named in a sting operation conducted by special investigations website Cobrapost. ...

23 banks, insurance firms engaged in money laundering: Cobrapost

New Delhi: Special Investigations website Cobrapost has revealed that 23 banks and insurance companies have been engaged in money laundering. Among the 23 banks involved are mostly PSU banks including some big names like the State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, IDBI, Oriental Bank and Dena Bank. Cobrapost editor Aniruddha Bahal claims that both banks and the insurance companies flouted the Foreign Exchange Management...  

Will tweak KYC norms if required: RBI Dy Gov Chakrabarty

Mumbai: RBI Deputy Governor KC Chakrabarty on Tuesday said the central bank may introduce some corrective measures in KYC norms as an when necessary to check any "transaction-level aberrations" in the functioning of banks. "System is good, there is no problem. There are... (at the) transactional level, some aberration will always take place and there is a need to look into those issues and as and when it is necessary,...  

Money laundering: RBI gives clean chit to private banks

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. ...  

Money laundering: Banks on a damage control spree

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. ...  

News 360: India hits back at Pak for passing resolution on Afzal's hanging

A day after Pakistan parliament passed a resolution on Afzal Guru's hanging, Parliament in India also passed a resolution in return condeming Pakistan's move saying Islamabad should not interfere in Delhi's internal matters. ...

I challenge the three bank heads to an open debate: Aniruddha Bahal

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. ...  

Is it easy to launder black money through private banks?

A Cobrapost expose on Thursday revealed how employees at some private banks were brazenly carrying out money laundering operations. ...

Money laundering by banks: Have our regulatory public institutions failed?

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. ...