RBI imposes fine on 22 banks

This Business news posted by TeluguDB on 15 July, 2013

RBI imposes fine on 22 banks - Online Business News

The Reserve Bank of India (RBI) on Monday imposed fine on 22 private and public sector banks including SBI, Canara Bank, Bank of India and IOB for violation Know Your Customer (KYC) and anti-money laundering norms.

The RBI has imposed fines totaling Rs 49.5 crore on 22 banks. The RBI has also issued cautionary letters to seven more bank including Citi Bank, BNP Paribas, Royal Bank of Scotland and StanChart Bank. The RBI had carried out a study of books of accounts and compliance systems of banks in April 2013.

A penalty of Rs 3 crore each has been imposed on State Bank of India (SBI), Bank of India, Canara Bank, Bank of Baroda, Central Bank of India, Indian Overseas Bank and Federal Bank. A penalty of Rs 2.5 crore each has been imposed on Punjab National Bank (PNB), Andhra Bank, United Bank of India, Jammu & Kashmir Bank and Lakshmi Vilas Bank.

Yes Bank, Oriental Bank of Commerce (OBC), Vijaya Bank and Dhanlaxmi Bank were slapped a penalty of Rs 2 crore. Deutsche Bank, ING Vysya Bank, Kotak Mahindra Bank, Development Credit Bank and Ratnakar Bank were the other banks which were penalized by the RBI.

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This latest news update was posted in Business and tagged Reserve Bank of India, RBI, Know Your Customer, KYC, KYC norm violation, money laundering, fine on 22 banks, RBI fines 22 banks, private banks, public sector banks, SBI, Canara Bank, Yes Bank.

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