Chakrabarty pooh-poohs money laundering charges.



RBI, Deputy Governor, K.C.Chakrabarty

The Reserve Bank of India, Deputy Governor, K.C.Chakrabarty said there is no money-laundering involved in the Cobrapost-expose conducted on 3 leading private banks- ICICI Bank, AXIS Bank and HDFC Bank.
KYC violations will happen in any system, these are all transactional issues and nothing to do with money laundering. If we find any need for further tightening any guidelines , we will do that.
He said, money laundering meant that sources of money had to be involved with a crininal activity. Money on which tax is not paid and money laundering are two different things.

There might be other irregularities like not adhering to KYC Norms and suspicous transactions.
We are going for a large scale financial inclusion drive., if KYC norms are too stringent, then banks will not open accounts.


COURTESY: THE HINDU