Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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-PTI
&lt;/div&gt;
&lt;p align=&quot;justify&quot;&gt;
The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
He was responding to a question on the issue.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The senior most Deputy Governor further said, &amp;quot;there is no scam (that) has happened...as no transaction has taken place.&amp;quot;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&amp;quot; he said.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &amp;quot;If we find there is a need to further tighten any guidelines, we&#039;ll do that.&amp;quot;
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
Following the allegations, the banks had also suspended some employees in question.
&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. 
&lt;/p&gt;&#039;,
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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


The...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;He was responding to a question on the issue.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The senior most Deputy Governor further said, &amp;quot;there is no scam (that) has happened...as no transaction has taken place.&amp;quot;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &amp;quot;If we find there is a need to further tighten any guidelines, we&#039;ll do that.&amp;quot;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Following the allegations, the banks had also suspended some employees in question.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. &lt;/p&gt;&#039;,
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The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
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The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.
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&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.
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&lt;/p&gt;
&lt;p align=&quot;justify&quot;&gt;
&amp;quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&amp;quot; he said.
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&lt;p align=&quot;justify&quot;&gt;
Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &amp;quot;If we find there is a need to further tighten any guidelines, we&#039;ll do that.&amp;quot;
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The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.
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On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.
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RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. 
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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


The...&#039;
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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


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                <strong>RBI dismisses money-laundering charges</strong></h1>
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                <div align="justify">-PTI</div><p align="justify">The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.</p><p align="justify">The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.</p><p align="justify">&quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.</p><p align="justify">He was responding to a question on the issue.</p><p align="justify">The senior most Deputy Governor further said, &quot;there is no scam (that) has happened...as no transaction has taken place.&quot;</p><p align="justify">&quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&quot; he said.</p><p align="justify">Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &quot;If we find there is a need to further tighten any guidelines, we'll do that.&quot;</p><p align="justify">The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.</p><p align="justify">On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.</p><p align="justify">Following the allegations, the banks had also suspended some employees in question.</p><p align="justify">RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. </p>               </font>
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-PTI
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&lt;p align=&quot;justify&quot;&gt;
The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
&lt;/p&gt;
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The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.
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&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.
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He was responding to a question on the issue.
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The senior most Deputy Governor further said, &amp;quot;there is no scam (that) has happened...as no transaction has taken place.&amp;quot;
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&amp;quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&amp;quot; he said.
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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


The...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;He was responding to a question on the issue.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The senior most Deputy Governor further said, &amp;quot;there is no scam (that) has happened...as no transaction has taken place.&amp;quot;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &amp;quot;If we find there is a need to further tighten any guidelines, we&#039;ll do that.&amp;quot;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Following the allegations, the banks had also suspended some employees in question.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. &lt;/p&gt;&#039;,
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The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
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RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. 
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-PTI


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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


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                <strong>RBI dismisses money-laundering charges</strong></h1>
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                <div align="justify">-PTI</div><p align="justify">The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.</p><p align="justify">The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.</p><p align="justify">&quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.</p><p align="justify">He was responding to a question on the issue.</p><p align="justify">The senior most Deputy Governor further said, &quot;there is no scam (that) has happened...as no transaction has taken place.&quot;</p><p align="justify">&quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&quot; he said.</p><p align="justify">Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &quot;If we find there is a need to further tighten any guidelines, we'll do that.&quot;</p><p align="justify">The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.</p><p align="justify">On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.</p><p align="justify">Following the allegations, the banks had also suspended some employees in question.</p><p align="justify">RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. </p>               </font>
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-PTI
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The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
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The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.
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&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.
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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


The...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;/div&gt;&lt;p align=&quot;justify&quot;&gt;The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The country&#039;s three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&amp;quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;He was responding to a question on the issue.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The senior most Deputy Governor further said, &amp;quot;there is no scam (that) has happened...as no transaction has taken place.&amp;quot;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;&amp;quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&amp;quot; he said.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &amp;quot;If we find there is a need to further tighten any guidelines, we&#039;ll do that.&amp;quot;&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;Following the allegations, the banks had also suspended some employees in question.&lt;/p&gt;&lt;p align=&quot;justify&quot;&gt;RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. &lt;/p&gt;&#039;,
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The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
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The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &amp;quot;perfect&amp;quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


The...&#039;
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-PTI


The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.


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                <strong>RBI dismisses money-laundering charges</strong></h1>
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                <div align="justify">-PTI</div><p align="justify">The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.</p><p align="justify">The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.</p><p align="justify">&quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.</p><p align="justify">He was responding to a question on the issue.</p><p align="justify">The senior most Deputy Governor further said, &quot;there is no scam (that) has happened...as no transaction has taken place.&quot;</p><p align="justify">&quot;Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it),&quot; he said.</p><p align="justify">Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. &quot;If we find there is a need to further tighten any guidelines, we'll do that.&quot;</p><p align="justify">The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering.</p><p align="justify">On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws.</p><p align="justify">Following the allegations, the banks had also suspended some employees in question.</p><p align="justify">RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated. </p>               </font>
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-PTI
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<p align="justify">
The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a &quot;perfect&quot; system to prevent such offences and that not a single such transaction took place in the sting operation.
</p>
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The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam.
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&quot;Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering,&quot; Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here.
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-PTI


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RBI dismisses money-laundering charges

-PTI The Reserve Bank on Thursday sought to downplay the money-laundering allegations against three private sector banks, saying the country has a "perfect" system to prevent such offences and that not a single such transaction took place in the sting operation. The country's three largest private banks -- ICICI bank, HDFC Bank and Axis Bank -- were last week accused of indulging in money laundering both within and outside with an online portal, Cobrapost, claiming that the sting operation conducted by it had revealed a scam. "Allegations do not mean flouting norms. There is not a single transaction which has taken place. KYC violations will happen in any system. These are all transactional issues and have nothing to do with money laundering," Deputy Governor KC Chakrabarty told reporters after a meeting with bankers here. He was responding to a question on the issue. The senior most Deputy Governor further said, "there is no scam (that) has happened...as no transaction has taken place." "Let us not unnecessarily downgrade ourselves. Our system to prevent money laundering is perfect, absolutely nothing (wrong with it)," he said. Mr. Chakrabarty also said RBI will further tighten the anti-money laundering norms if needed. "If we find there is a need to further tighten any guidelines, we'll do that." The comments come even as the RBI, Finance Ministry and the banks concerned are probing the allegations that some officials of these banks offered to facilitate money laundering. On March 14, Cobrapost had released the contents of purported video recording of officials of HDFC, ICICI and Axis Bank allegedly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts in violation of anti-money laundering laws. Following the allegations, the banks had also suspended some employees in question. RBI has also initiated scrutiny of the three banks for alleged violation of KYC guidelines. It has said final reports will be completed by March 31 and thereafter further course of action as necessary will be initiated.