There is no systemic risk from the alleged money laundering case exposed by a sting operation involving three private sector lenders: ICICI Bank, HDFC Bank and Axis Bank. The Reserve Bank of India (RBI) has sufficient guidelines to take care of irregularities in respect of KYC (Know Your Customer) norms and suspicious transactions, said K C Chakrabarty, deputy governor of the central bank.
"There is no scam that has happened. No single transaction has taken place in the sting operation. There may be other irregularities. If there is a need, we will tighten norms further. Our guidelines should do that. Banks are following those," he told reporters on Thursday after meeting bankers here in Mumbai for a discussion on risk based supervision.
Last week, a Cobrapost pan-India undercover investigation accused ICICI Bank , HDFC Bank and Axis Bank of running a vast, nation-wide money laundering racket. In video footage, however, no body was shown taking or giving money.
It is not money laundering...
Moreover, the deputy governor refused to call it a case of money laundering. Money on which tax is not paid and money laundering are two different things.
"Let us not unnecessarily downgrade our self. Our anti money laundering system is perfect. Absolutely, there is nothing (wrong about it)," he said.
In India a single bank on an average records 20 lakh transactions every day while it is around 1 crore transactions a day for the entire banking industry.
Also read - Cobra Expose: Is money laundering a common case for banks?
Meanwhile, RBI started scrutiny of the three banks for alleged violation of KYC guidelines. Final reports will be submitted by March 31, 2013. Banks already initiated their respective enquiries. As a part of that, they suspended some employees for their lapses.
saikat.das@network18online.com
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