The Hindu Business Line : RBI seeks details from banks involved in IPO irregularities

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RBI seeks details from banks involved in IPO irregularities

Our Bureau

Mumbai , Jan. 13

THE Reserve Bank of India has asked for explanations from all banks involved in IPO irregularities and will take action on the basis of their responses.

In a press release issued on Friday, the RBI said it has taken up detailed investigation at Bharat Overseas Bank, Vijaya Bank and certain other banks.

Funding of IPOs through multiple accounts was being followed by Bharat Overseas Bank and this covered funding of several other IPOs, one of them being IDFC, said the RBI.

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