RBI teams move into branches named by Cobrapost: Sources

Taking a serious note of last week's Cobrapost money laundering expose, the Reserve Bank of India (RBI) has sent its teams into branches named in the sting operation. Sources told CNBC-TV18 that 30 teams of the banking watchdog have moved in last week after the sting operation sent shockwaves across the banking industry.

The country's three largest private banks were accused of indulging in money laundering by online portal Cobrapost.com, which recorded the dealings in a tape running into hundred of hours. The purported video recording shows officials of HDFC Bank , ICICI Bank and Axis Bank allegedly agreeing to receive unverified sums of cash and putting them in their investment schemes and benami accounts in violation of anti-money laundering laws.

However, all the three banks had claimed they conduct their business in compliance with legal and regulatory requirements of the highest standards but said they will investigate the charges. 

Sources say the RBI teams are doing a thematic audit, i.e. auditing for specific purpose. The audit will cover indicted branches of the three banks. The RBI is also sending its teams to the headquarters of the Axis Bank, ICICI Bank and HDFC Bank for system verification.

Sources say the results of audit will start flowing in within the next two to four weeks.

Cobrapost expose: HDFC Bank, ICICI, Axis accused of money laundering

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