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: HDFC Bank Ltd, India's No.3 lender by loan value, met forecasts with a 30 per cent rise in quarterly profit on Tuesday led by higher loan growth, fee income and stable asset quality. Mumbai-based HDFC Bank, which has posted profit growth of more than 30 per cent every year for the last decade, said its net profit rose to Rs 18.9 billion in the quarter ended in March from...
03:50 PM, Apr 23, 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
After CNN-IBN accessed a confidential government investigation report which highlighted how several private banks were involved in conversion of black money into white, Kotak Mahindra Bank has refuted all the allegations. "We wish to clarify that no such transactions by the alleged person have been routed via Kotak Mahindra Bank," said the Kotak Mahindra group spokesperson on Friday evening. ...
08:54 PM, Mar 15, 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
A confidential government investigation report highlighting how several private banks were involved in conversion of black money into white has been accessed by CNN-IBN. ...
01:27 PM, Mar 15, 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
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
Indore: Targeting 560-million Hindi-speaking population, the second largest private sector lender HDFC Bank today launched a mobile banking application in the national language. Mobile banking services is part of the bank's overall strategy to use convergent communication platform to engage with customers, Senior Executive Vice-President for Direct Banking Channels and Premier Banking Birendra Sahu said here. Today 82 per cent of all customer-initiated transactions happen on electronic channels, he said,...
04:13 PM, Nov 20, 2012
Bangalore: When reports surfaced in July that Indian newspaper publisher Deccan Chronicle Holdings was struggling for survival, several of its creditors were caught off-guard. Not HDFC Bank. Even as Deccan, which also owned a glitzy cricket team, sought to reassure markets that it held enough assets to stave off a crisis, HDFC Bank was busy getting rid of the loans extended to the group, three sources with direct knowledge of...
01:39 AM, Nov 20, 2012
Mumbai: HDFC Bank, India's No 3 lender, met forecasts with a 30 per cent rise in quarterly profit, led by stronger loan growth, better fee income and stable net interest margins. Mumbai-based HDFC Bank, among the first lenders to report September quarter results, said on Friday its net profit rose to Rs 1560 crore in the fiscal second quarter-ended September from about Rs 1200 crore a year earlier. Net interest...
02:22 PM, Oct 12, 2012
Mumbai: HDFC Bank and Kotak Mahindra Bank have pipped their Chinese peers in the Forbes Asia's 'Fab 50' list this year. HDFC Bank, the country's most valued bank with the largest market capitalisation, and Kotak Mahindra Bank are the only two banks from Asia in the list, and among the 11 companies from India in the 2012 edition of Forbes Asia's Fab 50, HDFC Bank said in a statement in...
07:59 PM, Sep 07, 2012
New Delhi: Private sector lender HDFC Bank on Friday surpassed SBI as the country's most valued bank with a total market valuation of about 1,37,500 crore. SBI shares were seen trading under pressure with a fall of nearly 2 per cent this afternoon, despite an overall uptrend in the market, while HDFC Bank shares gained by more than 3 per cent. The market benchmark Sensex was trading more than 200...
05:00 PM, Jul 27, 2012
Mumbai: Global credit ratings firm Moody's on Monday downgraded the country's three largest private sector lenders - ICICI Bank, HDFC Bank and Axis Bank - to D+ from C- to align them with the sovereign rating. As a result, the hybrid debt ratings of these banks, except HDFC Bank, will be negatively impacted. The standalone bank financial strength rating (BFSR) of ICICI, HDFC and Axis are revised down to D+...
06:00 PM, May 14, 2012
Mumbai: The second largest private sector lender HDFC Bank has said the present situation is not conducive for rate cuts but further reduction in Cash Reserve Ratio (CRR) could lead to lower interest rates. "As far as reduction in interest rate is concerned, if there is more CRR cuts, it will happen. Because, given the inflationary environment, we can't reduce the deposit. Also, the call rates are high due to...
01:59 PM, Mar 18, 2012
Mumbai: HDFC Bank on Thursday reported a 31 per cent growth in its net profit at Rs 1,429.66 crore for the December quarter, mainly on account of increase in interest income and lower provisioning for bad loans. The bank's net profit in the October-December 2010 was Rs 1,087.83 crore. During the quarter, net interest income of the bank rose 12 per cent y-o-y to Rs 3,116 crore, HDFC Bank said...
06:49 PM, Jan 19, 2012
New Delhi: HDFC Chairman Deepak Parekh has come down heavily on both the Opposition and the coalition government saying that their style of politics is hurting India's growth. Speaking to Karan Thapar on Devil's Advocate, Thapar said, "Disruption in politics is not good and what we saw in Parliament gives you a little negative feeling on democracy." Deepak Parekh: The role of an opposition party anywhere in the world is...
07:36 AM, Jan 07, 2012
