Just in: RBI imposes a penalty of up to Rs 5 crore on Axis Bank, HDFC Bank, and ICICI Bank for violating KYC norms, but says there is no evidence of money laundering against the three banks as indicated by the Cobrapost exposure. RBI imposes penalty of Rs 5 crore on Axis Bank, Rs 4.5 crore on HDFC Bank and Rs 1 crore on ICICI Bank.


Last month, the Income Tax department issued notices to ICICI Bank, Axis Bank and HDFC Bank - in connection with alleged money laundering charges levelled by online portal Cobrapost.

The department has asked these banks to produce documents for verification as part of its tax evasion probe. The notices have been issued under section 131 of the I-T Act (power regarding discovery, production of evidence) after going through two confidential reports submitted recently to the Department of Revenue by the RBI and the Financial Intelligence Unit (FIU), official sources said on Tuesday.
What the Cobrapost exposure said