Banking frauds in India have crossed all the limits and there is an urgent need on the part of Reserve Bank of India and Finance Ministry of India to take strict penal action against the offending banks.
RBI has in the past imposed penalties upon many banks for failure to comply with various laws and regulations. RBI is also investigating the cyber fraud happened at YES Bank.
Reacting to this gross and poor state of banking industry of India, the Reserve Bank of India (RBI) and Finance Ministry of India have decided to investigate the money laundering allegations against ICICI, HDFC and Axis banks.
We would share the result of the investigation the moment it would be made public by Finance Ministry and RBI.