Don’t miss the latest developments in business and finance.

RBI audit report finds aberrations in ICICI, HDFC, Axis: Takru

The banking secretary said no risk of systemic failure was discovered

Image
Press Trust of India Mumbai
Last Updated : Apr 18 2013 | 6:42 PM IST
An RBI audit report has found certain "aberrations" at ICICI Bank, HDFC Bank and Axis Bank, which were accused of money-laundering by an online portal, but no risk of systemic failure was discovered, banking secretary Rajiv Takru today said.

"There is no risk of systemic failure. There are certain aberrations which we have discovered in the audit report. These would be addressed both in terms of systemic factors as well as individual cases," Takru told reporters outside the Mint Road office of the RBI.

"Whatever responsibilities would have to be fixed will be fixed and whatever rectifications have to be done would be done," he added.

More From This Section

The banking secretary said that he has received RBI's interim audit report on the allegations levelled in the sting operation by news portal Cobrapost.

However, Takru said he was not at the RBI to recommend specific actions in the regard.

"An audit report has come and now the banks would probably be asked for their versions...We don't need to recommend anything; we discussed the issue and everybody will do whatever one is supposed to do after that. The RBI would be doing what they are required to do," he said.

The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last month named by Cobrapost for indulging in money laundering.

Also Read

First Published: Apr 18 2013 | 5:20 PM IST

Next Story