n18
NEWS|Current Affairs 
   |
ICICI Bank has said that a committee will submit its report in two weeks on the issue. Photo: IBNLive


ICICI Bank has in a quick response to money laundering allegations in a Cobrapost sting operation said that the bank launched an investigation into the matter and that a committee will submit its report in two weeks on the issue.

The statement by a spokesperson of the bank reads, "ICICI group conducts its business with the highest level of compliance to legal and regulatory requirements. All employees of the group are trained and required to adhere strictly to the group code of conduct, including AML and KYC norms. We have demonstrated our commitment to this by following a zero-tolerance policy towards any violation. We are deeply concerned with the media reports. We want to assure our customers and all our other stakeholders that we are committed towards adherence to the high standards of business conduct, which is expected of us. We have constituted a high level inquiry committee to investigate into the matter and submit its findings in two weeks."

A sting operation conducted by online magazine Cobrapost across various branches of private financial institutions has revealed how bank employees are accepting black money from customers to convert them into white money. Cobrapost claims that the nationwide operation shows how private banking and insurance affiliates launder money as part of standard procedures.

Tag : #Sting operation #money laundering #ICICI Bank #Cobrapost sting

EU edges to economic sanctions on Russia but narrows scope

from firstpost

EU edges to economic sanctions on Russia but narrows scope

BRUSSELS (Reuters) - The European Union reached outline agreement on Friday to impose the first economic sanctions on Russia over its behaviour in Ukraine but scaled back their scope to exclude techno...


Russia says Ukraine tried to kill officers in cross-border mortar bombing

from firstpost

Russia says Ukraine tried to kill officers in cross-border mortar bombing

MOSCOW (Reuters) - Russian authorities accused Ukraine of trying to kill investigators who were checking reports of cross-border shooting by firing a volley of mortar rounds over the frontier into Ru...

Bad weather seen as probable cause of Air Algerie crash

from firstpost

Bad weather seen as probable cause of Air Algerie crash

PARIS/BAMAKO (Reuters) - Poor weather was the most likely cause of the crash of an Air Algerie flight in the West African state of Mali that killed all 118 people on board, French officials said on Fr...

IED explosion in Meghalaya kills two policemen

from firstpost

IED explosion in Meghalaya kills two policemen

Shillong: Two policemen were killed and three others injured when an IED, suspected to have been planted by Garo National Liberation Army (GNLA) militants, went off in Meghalaya's West Garo Hills Dist...

Rajiv's killers: NDA move may bring sanity to the death penalty debate

from firstpost

Rajiv's killers: NDA move may bring sanity to the death penalty debate

If the execution or commutation of a death sentence is not to remain a political football, it is clear that the current process is simply untenable.The NDA government has raised an important question ...

Delhi commuters left hassled as two metro stations shut down over UPSC protest

from firstpost

Delhi commuters left hassled as two metro stations shut down over UPSC protest

New Delhi: Thousands of commuters on Friday faced a harrowing time as the Delhi Metro shut two of its busy stations for more than two hours following a protest by UPSC aspirants.The Central Secretaria...

Telecom equipment imports up at Rs 74,116 cr

from firstpost

Telecom equipment imports up at Rs 74,116 cr

New Delhi: Import of telecom equipment surged to Rs 74,116.21 crore in 2013-14, up 20 percent year- on-year, Telecom Minister Ravi Shankar Prasad said today.The minister shared data in a written reply...