There is no money laundering involved in the Cobrapost expose, said K.C. Chakrabarty, Deputy Governor at the Reserve Bank of India, after a meeting with the chiefs of select banks on Thursday.
"No scam has happened as no transaction has taken place," he added.
Cobrapost, an online magazine, last week claimed to have caught on camera what it described as a massive expose, which allegedly proves that some of the largest private sector banks in the country -- HDFC Bank, ICICI Bank and Axis Bank -- help in money-laundering. All three banks have denied the accusations.
There is no systemic issue involved in the allegations, Mr Chakrabarty said.
The RBI began scrutinising the head offices and branches of ICICI Bank, HDFC Bank and Axis Bank on March 18 following the allegations. (Also Read: Systems to prevent money laundering in India perfect, says RBI)
However, the RBI deputy governor cautioned that the country needed tighter know-your-customer rules.