An audit report submitted by the Reserve Bank of India (RBI) to the finance ministry has found certain aberrations at ICICI Bank, HDFC Bank and Axis Bank, which were accused of money-laundering by investigative website Cobrapost, but no risk of systemic failure was discovered.
“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,” Rajiv Takru, banking secretary, on Thursday. “Whatever responsibilities would have to be fixed will be fixed and whatever rectifications have to be done would be done.”
The banking secretary said that he has received RBI’s interim audit report on the allegations levelled in the sting operation by Cobrapost.
“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.