-The Economic Times MUMBAI: If you get a phone call from your long-time banker asking you to resubmit your name and address proofs, don't be surprised or irritated. It is the fallout of the Reserve Bank going beyond the cobrapost.com expose on unethical practices of banks, forcing them to go back to the drawing boards to weed out bogus and wrong documentation that allowed many people to open accounts and launder...
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Cobrapost sting: Staff at ICICI Bank, HDFC Bank and Axis Bank may have violated KYC norms, says RBI
-The Economic Times MUMBAI: The employees at ICICI Bank, HDFC Bank and Axis Bank may have violated know-your-customer norms and helped clients evade taxes, the Reserve Bank of India's investigation has found. "Banks opened current account based on power of attorney without KYC," ET Now reported citing people familiar with the report. "Banks gave cash advances for gold purchases", which is a violation of norms, it said. The central bank and the...
More »Banks 'distrust’ Aadhaar for cash transfer scheme rollout -Nitin Sethi & Sidhartha
-The Economic Times In what could hobble the government's plans to give Aadhar a key role in banking and a central pin of the direct cash transfer scheme, several state-run banks have refused to bear any liability for transactions done with customers that were authenticated through the unique identity (UID) mechanism. Banks and the Reserve Bank of India (RBI) had been convinced by the finance ministry to use Aadhar to fulfill the...
More »Regulator for real estate likely soon -Mahendra Kumar Singh
-The Times of India Undeterred by stiff opposition from private developers and builders, the housing ministry is pushing hard to bring the real estate regulator bill, aiming to protect home buyers, in the current session of Parliament. Housing minister Ajay Maken on Sunday said the bill was expected to be brought up for consideration of the Cabinet soon before being introduced in Parliament. The government is looking to set up a tough regulator...
More »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...
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