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RBI report points out flaws in entire banking system

The RBI report has found out KYC and AML violations in thematic study of 30 banks

May 30, 2013 4:05 IST | India Infoline News Service
The recent expose by online portal Cobrapost was limited to questionable transactions in Axis Bank, ICICI Bank and HDFC Bank. However the RBI report has found out KYC (know your customer) and AML (anti-money laundering) violations in thematic study of 30 banks.

On Wednesday, the income-tax department issued notices to ICICI Bank, Axis Bank and HDFC Bank after going through two confidential reports submitted to the Department of Revenue by the RBI and the Financial Intelligence Unit (FIU).

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