Singapore alerts RBI on banks laundering

Mumbai: The Monetary Authority of Singapore has alerted the Reserve Bank of India (RBI) over the possible misuse of Indian banks in Singapore for money-laundering operations.

There are five Indian banks running branch operations in Singapore, and questions have been raised by the overseas regulatory authority on one of these. A team of senior RBI officials left for Singapore last week to investigate the matter.

Indian banks that have operations in Singapore are State Bank of India, Indian Overseas Bank, Indian Bank, Uco Bank and Bank of India.