RBI trying to mask regulatory mechanism failure: Cobrapost

......Criticising RBI Deputy Governor K.C. Chakrabarty’s statement in which he had said that there was no scam behind the alleged Cobrapost expose, the online portal’s Editor, Aniruddha Bahal, said it was a “brazen attempt” by the senior RBI official to give a clean chit to these banks – ICICI Bank, HDFC Bank and Axis Bank – even before probe into the matter was over. “The manner in which the RBI Deputy Governor has rushed to issue the statement, even before the Central Bank could complete the inquest it has initiated into money laundering practices by the three banks, even before these banks could complete their own investigations into the alleged misdemeanour of their officials, and even before the Income Tax Department could come up with its own finding, is tantamount to be self-serving and is a brazen attempt on the part of the Deputy Governor to not only give these banks a clean chit but also mask the miserable failure of the banking regulatory mechanism of the RBI,”......

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