No instances of money laundering: Kochhar

April 26, 2013 10:28 pm | Updated November 16, 2021 10:19 pm IST - MUMBAI

ICICI Bank, on Friday, conceded that some “transactional errors” had been discovered in the audit done following a sting operation by a news portal but insisted that there was no money laundering. “There have been instances of some errors which have been found. We would, to that extent, tighten our controls to reduce these errors but there have been no instances of money laundering that have taken place,” CEO and Managing Director Chanda Kochhar told reporters here after announcing the bank’s fourth quarter results.

“These are transactional errors. In day-to-day working, any bank would have some amount of transactional errors. When you do an audit, you do discover some transactional errors but as I said, no instances of money laundering,” she said.

A sting operation carried out by Cobrapost.com recently showed executives from ICICI Bank, HDFC Bank and Axis Bank willing to accept unaccounted money into investment products which pointed to non-compliance with know your customer (KYC) norms and raised questions about money laundering.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.