Mar 14, 2013 01:11 PM IST | Source: Moneycontrol.com

Cobrapost expose: Axis Bank: Systems robust; to probe money laundering claims

Like ICICI Bank and HDFC Bank before it, the Axis Bank press release too harps on best practices, high standards and robust process, while not denying outright allegations of money laundering activities.

Cobrapost expose: Axis Bank: Systems robust; to probe money laundering claims

Moneycontrol Bureau

Following is the press release from Axis Bank, in response to the Cobrapost expose that it was helping customers launder black money.

(Emphasis ours)

Like ICICI Bank and HDFC Bank before it, the Axis Bank press release too harps on best practices, high standards and robust process, while not denying outright allegations of money laundering activities.

“Axis Bank has systems and processes that are robust and fully compliant with extant regulations. We will examine whatever information that is brought to our notice and investigate thoroughly.  The Bank has built a strong customer franchise over the years and maintains high corporate governance standards. Any deviations to such standards are viewed very seriously. Best practices across businesses are followed by the Bank and we are confident that all our businesses will live up to the high standards we have set for ourselves as a Bank.”

Interestingly, the responses of all three banks named in expose would have come as a surprise to the Cobrapost team which carried out the sting operation.

This is what the Cobrapost release said on the likely response from the banks to the expose:

“When confronted with irrefutable evidence, the PR spin machines of the banks are likely to go into over drive and claim that ‘these cases are aberrations and isolated’, or that ‘the tapes are doctored’, or that ‘we will look into the matter and take action’.”

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