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ICICI, HDFC Bank, Axis violated norms but no money laundering: RBI

These banks also breached compliance with critical know-your customer norms

May 15, 2013 2:04 IST | India Infoline News Service
An investigation conducted by the Reserve Bank of India (RBI) into three private lenders—ICICI Bank, HDFC Bank and Axis Bank—revealed that they may not have been involved in money laundering “in the strictest sense” but there could be instances of tax evasion.

These banks also breached compliance with critical know-your customer (KYC) norms, the RBI said.

In early May, Cobrapost alleged that around 23 private and PSU banks are involved in money laundering. Among the banks accused in money laundering included SBI, IDBI, OBC, Dena Bank, IOB, Yes Bank, Dhanlaxmi Bank, PNB, ICICI Bank, Axis Bank, Canara and BoB.

The online portal Cobrapost alleged that there was violation on PMLA (Prevention of Money laundering Act), KYC (know your customer) and banking norms.

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