The Reserve Bank said it has not given clean-chit to ICICI Bank, HDFC Bank and Axis Bank, which are accused of money laundering and flouting KYC norms, and stated the probe against the three banks is still on. This was reported in PTI.

“No we have not. And we are saying that we are (going) to issue show-cause notices. So, the inquiry is still in progress,” RBI Governor D Subbarao told reporters when asked whether the apex bank had given clean chit to the three banks.

Mr Subbarao, speaking at the customary post-policy media interaction, asserted that while money laundering, which involves use of criminal money, has not been observed in any of the banks, certain “specific transgressions” on the know-your-customer (KYC) front has been discovered.

Read the full report here