RBI Refuses to Share Inspection Reports with Intel Agencies

Published: 03rd March 2015 02:22 PM  |   Last Updated: 03rd March 2015 02:22 PM   |  A+A-


NEW DELHI: The Reserve Bank of India (RBI) has refused to share its banks' inspection reports on alleged money laundering laws and other violations with Central Economic Intelligence Bureau (CEIB), citing legal hurdles.

The RBI was required to share relevant extracts of inspection reports with law enforcement agencies and CEIB, an apex intelligence agency under the Finance Ministry, to check black money and other financial crimes where gross violations

of Know Your Customer (KYC) guidelines and Prevention of Money Laundering Act (PMLA) are noticed, official sources said.

It had earlier given assurance about sharing of information relating to Foreign Exchange Management Act (FEMA) violations with CEIB, which they share with Enforcement Directorate (ED), they said.

But the central bank has not been sharing such information, the sources said.

The matter of non-sharing of inspection reports by RBI with CEIB was discussed during a recent meeting of the Economic Intelligence Council (EIC) headed by Finance Minister Arun Jaitley.

At the meeting, it was highlighted by the CEIB chief that while initially RBI had agreed to share the extracts of inspection reports with it but, later on, they changed their stand.

RBI has cited "legal impediments" in sharing the reports with CEIB as it is not a statutory body, the sources said quoting minutes of the meeting.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp