RBI : Actions against Financial Institutes(Banks) for money Laudering
The RBI governor said that it is a Misnomer(Wrong Word) to call the West Bengal financial scam a chit fund scam, as chit funds are legal operations controlled by the central bank.
The finance ministry has said that public sector banks (PSBs) and Life Insurance Corporation (LIC) of India have initiated action against 31 officials after allegations of money laundering by online portal Cobrapost. - See more at: http://www.cobrapost.com/index.php/news-detail?nid=608&cid=23#sthash.JxVPeBky.dpuf
RBI has completed investigations against financial institutions/banks after the expose by web portal Cobrapost for violating prudential banking norms and will take action if they are found guilty: Governor D. Subbarao.
The finance ministry: The PSBs(public sector banks) and Life Insurance Corporation (LIC) of India have initiated action against 31 officials after allegations of money laundering by online portal Cobrapost.
The finance ministry has said that public sector banks (PSBs) and Life Insurance Corporation (LIC) of India have initiated action against 31 officials after allegations of money laundering by online portal Cobrapost.
"We have done investigations, we have prepared an internal report. The logical closure of the investication needs some processes to be followed. The first is action against individual institutions who are involved in practices which are not consistent with the banking regulation and prudential banking": Subbarao.
