IB watching 500 bank branches for alleged money laundering

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26 Aug, 2025 12:21

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Moneycontrol Bureau

The Intelligence Bureau (IB) is keeping a close vigil on as many as 500 bank branches across the country, following reports of rampant money laundering with the connivance of bank officials, reports CNBC-TV18, quoting sources.

Sources said that a report has been submitted to the Prime Minister’s Office and the Finance and Home ministries. Sources said that Prime Minister Modi was likely to disclose the findings of this report to the public and the government is working on an action plan to tackle the violations of money laundering rules.

The likely course, according to sources, involves actions against bank officials and also against those abetting laundering. Going forward, with reports that several individuals had deposited huge sums in the Jan Dhan Yojana bank accounts, sources said that the government may link PAN to these accounts over a certain threshold.

Meanwhile, the Reserve Bank of India (RBI) today clarified that it has not initiated any action to cancel the banking licence of Axis Bank. This was in the wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of specified bank notes in a few branches of the bank.

“The clarification comes in the background of rumours in a segment of the media that the bank was likely to lose its banking licence,” said RBI in a statement.

With respect to an article published in a regional newspaper alleging possible regulatory action against the Bank, Axis Bank had earlier said today that they strongly denied the contents of the article and added that they have strong systems and controls as prescribed by RBI.