Not absolutely ruling out money laundering, RBI plans to take early action against banks whose officials were recentlycaught on tape in a sting operation willing to indulge in serious violation of banking norms.
Leaving it to Parliament the issue of amending laws to provide heavier penalty on banks indulging in such acts, RBI Governor D Subbarao also dismissed perceptions that the central bank was going soft on errant banks.
"What action? I cannot tell you because action on this has to be taken at lower level at the RBI. So it is premature to conclude that the RBI is going soft or harsh on this.
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