RBI probe upholds Cobrapost charges on 3 private banks

A confidential report prepared by Reserve Bank of India (RBI) on the Cobrapost exposé in March on HDFC Bank, Axis Bank and ICICI Bank has shown violations of regulatory norms. It has found use of fictitious permanent account numbers issued by the income tax department, use of unknown non-resident ordinary (NRO) accounts, unauthorized gold sale and rampant non- compliance of Know Your Customer (KYC) norms.