Reserve Bank Deputy Governor H R Khan today said the RBI is initiating action against ICICI Bank, HDFC Bank and Axis Bank in connection with allegations of money laundering by Cobrapost. 

"Actions are on the way. Scrutiny has been done, actions is being taken both in respect of systemic level and at the individual banks," he said when asked if RBI has completed investigations on Cobrapost exposes. 

"I will not be able to tell you the details but actions are being taken. Actions are being initiated both at the system level and the individual bank level," he said on the sidelines of an event organised by National Housing Bank here. 

Asked when RBI would release the investigation report, he said, "I can't give you time frame but it will be out soon." 

The country's three largest private banks - ICICI bank, HDFC Bank and Axis Bank, were last month named by online portal Cobrapost for indulging in money laundering. 

The sting operation conducted by the portal alleged that some bank officials had offered to launder unaccounted money by investing in insurance schemes. 

Soon after the exposes, Reserve Bank Governor D Subbarao had said some corrective steps will be taken to strengthen the banking system. 

"...I believe systems are 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 had said. (PTI)