RBI INITIATES SCRUTINY OF ICICI, HDFC
& AXIS BANK
The Reserve Bank
of India has initiated the process of carrying out comprehensive scrutinies
covering both, Head Office and branches of
three private sector banks, namely, ICICI Bank, HDFC
Bank and Axis
Bank.
Apart from this,
the Reserve Bank has also undertaken a thematic study in respect of banks that
are active in selling
gold coins / wealth
management products to examine whether there are systemic issues and to plug
deficiencies and legal loop-holes, if any.
The scrutinies
have been initiated after an online media firm called Cobrapost.com, on the
basis of its sting operations across some branches of these banks alleged money laundering and violation of several
provisions of the Reserve Bank of India Regulations, Foreign Exchange
Management Act guidelines, Prevention of Money Laundering Act (PMLA), etc.
The media firm had
uploaded some videos on the internet relating to these banks as well as ICICI Prudential Life
Insurance and HDFC Life Insurance.
The final reports on all the three banks will
be completed by March 31, 2013 and thereafter further course of action as
necessary will be initiated.
Regards
CA. Mona Singhal
Partner
Arpit Gupta & Associates
Chartered Accountants
701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001
Mobile:- +91-9873082769
Website: www.caaga.co.in
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