The Reserve Bank Of India has decided to come up with a new model to curb tax evasion, post Cobrapost revelations.

On Wednesday, reacting to RBI’s probe report on Cobrapost sting, banking secretary Rajiv Takru had noted that audit report pointed towards some severe Know Your Customer (KYC) violations and there were evidence to suggest that the banks were advising clients to evade taxes.

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.

In certain cases, RBI report found that there was a lack of supervision and coordination when it comes to tackling tax evasion attempts through the formal banking system. Therefore the central bank will come up with a new system along with Income Tax Authorities to deal with such tax evasion attempts.

Sources informed that there was also likelihood of significant and large monetary penalties to be imposed on all these banks which have been named in that report and have been found to have failed on several counts, broadly under Know Your Customer (KYC) formulations.

It must be noted that earlier in Speak Asia scam, RBI had imposed penalties on ICICI Bank and ING Vysya Bank for floundering KYC and other norms. (CNBC)