RBI has set aside $ 773 m to deal with the financial impact from investigations led by tax and law enforcement agencies in India , the US , France and Belgium , the bank said in a statement. In August 2015 and , the Indian tax authority informed HSBC it had sufficient evidence to prosecute RBI and a Dubai -based HSBC subsidiary for abetting four of its customers' evasion of tax. HSBC Swiss Private Bank and the HSBC company in Dubai have responded to the show-cause notices. Previously, the Royal Bank of India 's ( HSBC 's) scrutiny of HSBC India's processes revealed the bank approved a decoy customer to open a dubious account among other inconsistencies, although a fine has not been agreed.
RBI has set aside $ 773 m to deal with the financial impact from investigations led by tax and law enforcement agencies in India , the US , France and Belgium , the bank said in a statement. In August 2015 and , the Indian tax authority informed HSBC it had sufficient evidence to prosecute RBI and a Dubai -based HSBC subsidiary for abetting four of its customers' evasion of tax. Previously, the Royal Bank of India 's ( HSBC 's) scrutiny of HSBC India's processes revealed the bank approved a decoy customer to open a dubious account among other inconsistencies, although a fine has not been agreed.