Banks to probe sting revelations

Discussion in 'Economy & Infrastructure' started by Ray, Mar 15, 2013.

  1. Ray

    Ray The Chairman Defence Professionals Moderator

    Apr 17, 2009
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    Banks to probe sting revelations

    MUMBAI: The three private banks on which the Cobrapost sting operation has been conducted have initiated investigations into the matter. All the three banks have said that there are stringent anti-money laundering systems in place to ensure that there is no violation.

    Finance minister P Chidambaram said that it is too early to "jump to conclusions", adding two of the banks have denied the allegations made by Cobrapost. "I have spoken to two of them and both chairmen told me that this is a completely incorrect story and they are issuing a statement. The third chairman is out of the country," Chidambaram told reporters. K V Kamath, C M Vasudev and Sanjiv Misra Kishore are the respective chairmen of ICICI Bank, HDFC Bank and Axis Bank.

    "ICICI Group conducts its business with the highest level of compliance to legal and regulatory requirements. All employees of the group are trained and required to adhere strictly to the Group Code of Conduct, including AML and KYC norms. We have demonstrated our commitment to this by following a zero tolerance policy towards any violation. We are deeply concerned with the media reports. We want to assure our customers and all stakeholders that we are committed towards adherence to the high standards of business conduct, which is expected of us. We have constituted a high level inquiry committee to investigate into the matter and submit its findings in two weeks," said an ICICI Bank spokesperson in a statement.

    An HDFC Bank spokesperson said that segregation of frontline sales activities and back office operations and post-transaction monitoring processes are in place to ensure independent checks & balances and adherence to all the laid-down policies and procedures of the bank. Any deviation is viewed very seriously and stringent action is taken, both at an organizational and employee level.

    "We are concerned at the allegations that have appeared in the media. The matter is being investigated on top priority. The bank has a well-defined Know Your Customer (KYC) and anti-money laundering policy which contains procedures and controls to identify and prevent the types of transactions mentioned in the Cobrapost press release. We would like to assure our customers and other stakeholders that the bank has always adhered to the highest standards of compliance and corporate governance and will continue to do so," said an HDFC Bank spokesperson in a statement.

    According to Axis Bank, its systems and processes are robust and fully compliant with extant regulations. "We will examine whatever information that is brought to our notice and investigate thoroughly. The bank has built a strong customer franchise over the years and maintains high corporate governance standards. Any deviations to such standards are viewed very seriously. Best practices across businesses are followed by the bank and we are confident that all our businesses will live up to the high standards we have set for ourselves as a bank," the lender said in a statement.

    Banks to probe sting revelations - The Times of India


    What a laugh that the Banks will follow the best practices across business and are confident of living up to high standards!

    Earlier, Kejriwal brought out how a foreign bank was indulging in money laundering.

    One gets so fed up that there is scams everywhere and yet people move about with total piety as if cleaner than a whistle!
  3. drkrn

    drkrn Senior Member Senior Member

    Apr 15, 2010
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    icici is a big thief they rob people
  4. dhananjay1

    dhananjay1 Senior Member Senior Member

    Mar 10, 2013
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    All banks everywhere engage in this sort of activities. All they care is about making a fat profit, they can play the laws like a fiddle.

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