Private sector lender HDFC Bank does not see any systemic threat to banking industry due to alleged money laundering cases exposed by a sting operation.
"In respect of the sting operation, three investigations are going on," Paresh Sukthankar, executive director HDFC Bank told reporters here in Mumbai while announcing the fourth quarter (January - March) results on Tuesday.
"While we had our own internal audit, we have ordered for a forensic investigation by consultancy firm Deloitte. At the same time, the regulator too is doing its own scrutiny. As of now, there is no transaction of this type (money laundering), which any of these audits receives. There is no systemic risk," he said.
The bank has suspended around 21 officials allegedly involved in the sting operation. Their suspension will continue till the final investigation reports appear. However, the lender will take call on them after evaluating those reports.
Earlier in the day, RBI deputy governor K C Chakrabarty hinted at taking corrective measures to fix the problem. However, he ruled out any systemic risk due to it while refusing to divulge details of investigation.
"Any RBI investigation is an issue between supervisor and supervised entity. It is not for public discussion," he said.
"The system is good. There is transaction libel. Some aberration will always take place and there is a need to look into those issues. As and when necessary, banks will take corrective measures. And if necessary, we will issue corrective measures from the rbi regulatory side."
A month back, Cobrapost.com, an investigative news website, ran a sting operation alleging that three private sector lenders including ICICI Bank , HDFC Bank and Axis Bank were involved in money laundering cases. Immediately after that, individual banks came out with press statements giving clarifications and ordering internal and external investigations.
Later, the Reserve Bank of India too discussed the issue with those banks. Currently, it is too investigating the issue.
Last week, Rajiv Takru, the secretary at the Department of Financial Services - the government of India, had met RBI in Mumbai. After the meeting, he said that the central bank report pointed out to some "aberrations", and assured action against the erring parties.
Meanwhile, the RBI deputy confirmed that the central bank had extended its investigation to 34 banks terming it a "thematic" investigation including all lenders.
saikat.das@network18online.com
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