In bank supported money laundering

The Reserve Bank of India (RBI) on Monday penalized Axis Bank Ltd, HDFC Bank Ltd and ICICI Bank Ltd after employees of the three private-sector lenders were caught in a video-taped sting operation purportedly advising a bogus client—a reporter for the website Cobrapost.com posing as a politician’s aide—on how to legitimize unaccounted money.

Cobrapost expose: RBI fines Axis Bank, HDFC, ICICI – Livemint