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Cobrapost expose: RBI initiating action against 3 private banks

The central bank would soon release the investigation report

April 11, 2013 4:32 IST | India Infoline News Service
Reserve Bank of India Deputy Governor HR Khan today said the RBI has initiated action against ICICI Bank, HDFC Bank and Axis Bank in connection with allegations of money laundering by online portal Cobrapost.

Actions are being taken both in respect of systemic level and at the individual banks, the RBI governor said on the sidelines of an event organised by National Housing Bank in New Delhi.

The central bank would soon release the investigation report, Mr Khan added.
In March 2013, these three private banks were named by Cobrapost for indulging in money laundering. Cobrapost had also uploaded some videos on the internet relating to these banks as well as ICICI Prudential Life Insurance and HDFC Life Insurance.

The sting operation conducted by the Cobrapost alleged that some bank officials had offered to launder unaccounted money by investing in insurance schemes.

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