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This is an archive article published on March 23, 2013

Subbarao for corrective steps to strengthen banking system

The Reserve Bank Governor D Subbarao today said some corrective steps will be taken to strengthen the banking system which according to him is largely safe.

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The Reserve Bank Governor D Subbarao today said some corrective steps will be taken to strengthen the banking system which according to him is largely safe.

…I believe systems largely safe. However,there is a need for some corrective action and based on the findings of the investigation,we will take corrective action he said.

Recently allegations were made by web portal Cobrapost after it allegedly conducted a sting operation and played the purported video recording of officials of of ICICI bank,HDFC Bank and Axis Bank seemingly agreeing to receive unverified sums of cash and put them in their investment schemes and benami accounts.

However,no account was opened nor any cash deposited. Insurance regulator IRDA today sought explanations from heads of insurance companies associated with the three banks.

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