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Mumbai: An analysis conducted by the Reserve Coffer of India (RBI) into three clandestine lenders—ICICI Coffer Ltd, HDFC Coffer Ltd and Axis Coffer Ltd—revealed that they may not acquire been complex in money bed-making “in the strictest sense” but there could be instances of tax evasion.



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The analysis followed allegations by online annual Cobrapost.com in March that these lenders were complex in a “nationwide money bed-making racket”.

The RBI delving additionally begin a antecedent amid the lenders and accommodating banks for large-value banknote affairs and violations of norms on the auction of gold and added advance products.

These lenders additionally breached acquiescence with analytical know-your chump (KYC) norms, the RBI found.



A day afterwards CNBC TV-18 aboriginal appear the allegation of the RBI probe, the leaked address was accomplishing circuit on Tuesday, beatific from an email annual that appeared to acquire been created for this purpose, [email protected]

Mint had appear this on 7 April after allotment the banks.

The banks involved, active advancing responses to the regulator’s show-cause notices, either beneath to animadversion for this adventure or were not accessible for comment.

Meanwhile, Aniruddha Bahal, editor in arch of Cobrapost, issued a annual ambitious RBI “satraps”—governor D. Subbarao and abettor governor K.C. Chakrabarty—resign “on moral grounds” and that the top administration of the three banks be sacked.

“The award of the scrutinies, no agnosticism announce some lacunae in the systems and controls in the banks which ability acquire facilitated conduct of aforementioned affairs which are not in accurate with authoritative guidelines,” the RBI said.

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Stocks haven’t reacted to the allegations and the RBI probe. Since the Cobrapost address was appear in mid-March, Axis Coffer has acquired 15.21%, ICICI Coffer 20.36% and HDFC Coffer 30.76%, while BSE’s criterion Sensex has acquired 10.06% and the cyberbanking index, Bankex, is up 14.89%.

The RBI delving has begin that both ICICI Coffer and Axis Coffer are complex in instances of agreeable up of banknote deposits beneath ₹ 10 lakh to abstain these actuality appear as CTR (cash transaction report). Also, the banks were begin to be accepting banknote of ₹ 50,000 and aloft after the depositor’s abiding annual cardinal (PAN) or there were assorted and large-value affairs in anatomy 60 accounts in some cases. Anatomy 60 needs to be abounding up back there is no PAN, an assets tax ID, available.

That apart, barter were additionally begin to be alignment banknote deposits of added than ₹ 50,000 into abate amounts to abstain accepting to ample in PAN capacity that could be acclimated to go beneath the income-tax radar.

The RBI analysis additionally begin that there was a “nexus” bond Axis and HDFC with coopertaive banks while active assertive banknote affairs to abstain tax. 

About 20 accommodating banks acquire fatigued money from Axis coffer through cheques, while in the case of HDFC Bank, there are a cardinal of large-value affairs ( ₹ 10 lakh and above) for investments in alternate funds, the address said. “The present arrange amid bartering banks and annex banks acknowledge a cardinal of austere systemic and authoritative apropos as the risks from anemic KYC/AML (anti-money laundering) compliances by accommodating banks are transmitted to the bartering banks,” the address said.

“Due to the poor clue almanac of the accommodating banks in adherence to the AML guidelines for advertisement CTRs, these banks may be an easier aqueduct for facilitating abundant amounts of banknote in entering the cyberbanking system. It is, however, difficult to say to what admeasurement this represented atramentous money/unaccounted money.”

The investigations additionally appear that there was no KYC/AML acquiescence for applicant barter to whom HDFC coffer had continued allowance products. Further, Axis Coffer was begin to acquire issued prepaid cards to a ample cardinal of its barter including multi-level business (MLM) firms after absolutely acknowledging with KYC norms and regulations.

The added arguable affectionate of MLM firms are those that acquire deposits and resemble pyramid schemes.

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“The coffer has been banned from arising any prepaid agenda apparatus by DPSS (Department of Acquittal and Settlement Systems), RBI. It additionally opened added than 5,000 accustomed accounts based on ability of advocate to facilitate trading in stocks by assertive banal brokers, after absolutely commutual the KYC documentation,” RBI said.

All three banks acquire additionally issued assorted IDs to the aforementioned customer, in abuse of absolute norms, the RBI analysis has found.

In the case of ICICI Bank, the analysis begin that in 14 branches beneath the scanner there were 987 barter with assorted IDs, RBI said.

Gold auction via acclaim agenda

The analysis has additionally begin that banks accustomed acclaim cards as a approach of acquittal for the acquirement of gold, which is not permissible beneath absolute norms.

“In a cardinal of cases, bodies accepting the aforementioned name purchased gold from the aforementioned annex on the aforementioned day agreeable banknote affairs beneath Rs49,999. Acclaim agenda was additionally accustomed as approach of acquittal for acquirement of gold alike adverse to RBI’s administration that no advances should be accustomed by banks for acquirement of gold in any form,” RBI said.

Incidentally, all purchases by acclaim agenda are appear as loans and advances beneath Schedule 9 of the antithesis sheet, in the case of ICICI Coffer and HDFC Bank.

In several instances, Axis Coffer awash gold coins/bars account added than ₹ 500,000 in a distinct transaction after allurement for PAN in abuse of CBDT guidelines, the address said.

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The RBI delving has appear bottomward heavily on the “perverse allurement anatomy in banks” amenable for some affairs demography abode after austere adherence to the applicative regulations.

“It was acclaimed that 2,164 advisers of HDFC Bank, as a accumulated agent, at altered levels were offered adopted trips by HDFC Standard activity Allowance Co. Ltd and HDFC Ergo General Allowance Co. Ltd and the purpose of such visits was no evidenced”, the address said

The adopted trips accustomed by the coffer advisers were over and aloft the agency offered by the allowance companies, the RBI analysis found.

ICICI Coffer accustomed its accord managers to go on assorted adopted trips offered by allowance ally beneath their rewards and acceptance programme.

“This arrange accession austere doubts on the ‘arms length’ accord the entities are appropriate to advance with their accumulation entities,” the address said.

Following the Cobrapost allegations, HDFC Coffer abeyant 20 officials, ICICI Coffer abeyant 18 admiral and Axis Coffer abeyant 16 employees, awaiting the achievement of investigations.

HDFC Coffer has additionally appointed analysis close Deloitte Touche Tohmatsu India Pvt. Ltd and law close Amarchand and Mangaldas and Suresh A Shroff & Co. to investigate the allegations.

Following the investigation, the RBI has asked the clandestine lenders to bind acquiescence with anti money bed-making and KYC norms, besides appliance attention while application incentives to employees, amid others.

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“The award of the scrutinies, however, accord some abundance in the faculty that the transactions, both in agreement of cardinal and amount based on the sample checks, are not huge or abundant by any amplitude of imagination, so as to accreditation allegations of money bed-making in our cyberbanking system. Hence, it is not a analytical issue,” the RBI said.

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