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Finance Minister P Chidambaram today said the finance ministry and the Reserve Bank of India were closely looking into alleged money laundering by three private sector banks.
“Before we come to any conclusion we must have facts. Financial Services Secretary is looking at it closely. RBI is looking at it closely. They (banks) themselves have instituted enquiries. Let's give them a little time to come up with the report of the enquiry,” Chidambaram said after a meeting with heads of public sector banks.
The three private sector banks—ICICI Bank, Axis Bank and HDFC Bank—have suspended the staff named in the sting operation by portal Cobrapost.
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In the limited review meeting with the state-run banks, the finance minister also discussed the state of stalled as well as new projects where banks have disbursed or sanctioned loans.
In sectors like power, coal, iron, steel and road transport 215 projects with an investment of Rs 7 lakh crore are currently stalled and banks have disbursed Rs 54,000 crore. The projects are stalled mainly due to issues related to coal linkage, environment clearances and land acquisition. There are 126 new projects with an outlay of Rs 3.55 lakh crore and the amount sanctioned by banks is Rs 43,000 crore.
“Now there is a movement in iron, steel and cement. Real problem is in road and power. There are 68 new projects in the road sector. There are 40 new projects in the power sector. We have to get them going,” Chidambaram said, adding the finance ministry would start taking sectoral meetings with state governments and promoters to see how the government can move these forward.
On the proposed all women bank, Chidambaram said the expert committee headed by M B N Rao for the purpose met for the first time on Saturday and the panel will give a blueprint on the bank by April end. He added said all PSU banks have also shown interest in opening all-women branches. In next six months, he said, all state-run banks will have such branches.
