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Economy & Nation Exclusive
RBI to get FSA support in supervision of British banks

The MoU would help India seek material information and help from the UK in cases like HSBC, as also on other issues relating to British banks operating in India

 
London: British financial sector regulator Financial Services Authority (FSA) has entered into a fresh agreement with the Reserve Bank of India (RBI) for mutual assistance and information exchange in supervision of banks operating in both the countries, reports PTI.
 
This has come at a time when UK-based HSBC's staff in India has come under the scanner for deficiencies in their role as "offshore reviewers" of the global banking giant's compliance to safety mechanism against money laundering and terrorist financing activities.
 
A probe conducted by the US Senate's Permanent Sub- Committee on Investigations found that HSBC had exposed the US and other countries to numerous risks emanating from drug cartels, terrorist financing and money laundering activities.
 
Soon after the probe report was made public in the US on 17th July, the Indian government officials said that RBI would look into the matter, while the Finance Ministry's Financial Intelligence Unit (FIU) has subsequently begun a probe into HSBC's India operations.
 
Incidentally, the new memorandum of understanding (MoU) between RBI and the FSA was also signed on 17 July 2012.
 
The MoU provides for a "formal basis for cooperation in the area of banking supervision, including for the exchange of supervisory information".
 
Officials said that the MoU would help India seek material information and help from the UK in cases like HSBC, as also on other issues relating to British banks operating in India.
 
Among others, the new agreement is aimed at helping RBI and FSA to ensure that operations of the cross-border banking establishments in the two countries are "prudently conducted" and the head offices and parent entities of such banks exercise adequate and effective control over the operations of their cross-border branches and subsidiaries.
 

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COMMENTS

Michael Mason-Mahon

4 years ago

Will the FSA tell the truth to the RBI about the complaints received from Indian's concerning the Chairman of HSBC Holdings Plc.

Have not people in India registered complaint's that Mr Flint did not tell the truth at the 2011 AGM concerning complaints in India.

Has HSBC India committed fraud against the Indian people?

Michael Mason-Mahon

4 years ago

Is the Chairman & Board of Directors of HSBC Holdings Plc
Responsible for the illegal behaviour in India?

Is Mr Flint a man you want to trust running a Global Bank?

People in India have trusted HSBC only to be abused and had their lives and reputations ruined.
Did Mr Flint act with Courageous Integrity or with Cowardice? You decide.

After speaking to Mr Hennity (Legal Counsel) he says the Board of Directors should not be contacted concerning HSBC India and their illegal behaviour as HSBC Holdings Plc is just a Holding Company?

As Mr Gulliver is the Chairman of The Hongkong and Shanghai Banking Corporation Limited and CEO of HSBC Holdings Plc, like Mr Flint the Board of Directors they are fully aware of what is going on in India.

Their treatment of people in India, I have found to be horrendous and disgraceful, it is my personal belief a criminal investigation should take place, concerning the behaviour of and Mr Flint (Lord Green ex-Chairman) also the Board of Directors of HSBC Holdings Plc and The Hongkong and Shanghai Banking Corporation Limited in India.

My question is simple should any decent society have to accept the following behaviour, money laundering, miss selling to the elderly, threatening to ruin people's lives if they do not pay, falsely registering people with CIBIL and taking money which they are not entitled to?

Flint, however insisted no member of the current management should be held responsible for "what happened in the past."

Flint is part of HSBC's past, he was the Finance & Board Director when the illegal behaviour was going on, Flint and the Board of Directors should be held responsible?

Is Flint not man enough to accept responsibility?

He also states Nothing is more important than our reputation? People judge a company for what it has done in the past. Would this mean HSBC's reputation is in the TOILET?

The Shame of Mr Flint as Finance Director & as Chairman and the Board of Directors.

Has the behaviour of these people been that of Courageous Integrity or just Cowardice?

Should Mr Flint go and go now. as he was the Finance Director when Bank's illegal activities in the USA was happening.

Should any decent society have to accept the behaviour of HSBC Holdings Plc, Mr Flint (the Chairman) and the Board of Directors, Lord Green (ex-Chairman), Michael Geoghegan (ex-CEO)?

It is my personal belief and experience that Mr Flint as Chairman has very serious problems with telling the truth, even when he should be telling the truth (what he can?) he will still not tell the truth.

Flint was saying last year sorry for our weaknesses, this year he is saying "‘We cannot undo the mistakes" These not mistakes it is just plain illegal to launder money.

Mr Flint you are the MISTAKE and a very bad MISTAKE at that, just ask customers in India about you.

Concerned Shareholder
Please go to youtube: stop cheating bankers

Michael Mason-Mahon
Mobile: 0044 7834763544
E-mail: [email protected]

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