RBI penalises 13 Banks for violating KYC Norms- (Reserve Bank of India) (27 Jul 2016)
MANU/RPRL/0184/2016
Banking
The Reserve Bank of India has imposed monetary penalty on the following banks for violation of regulatory directions / instructions / guidelines, among other things, on KYC norms. The details of the penalty are:
|
S. No. |
Name of the bank |
Penalty Amount (in `million) |
|
1. |
Allahabad Bank |
20 |
|
2. |
Bank of India |
10 |
|
3. |
Bank of Baroda |
50 |
|
4. |
Canara Bank |
20 |
|
5. |
Corporation Bank |
10 |
|
6. |
HDFC Bank |
20 |
|
7. |
IndusInd Bank |
20 |
|
8. |
Punjab National Bank |
30 |
|
9. |
RBL Bank |
10 |
|
10. |
SBBJ |
20 |
|
11. |
SBM |
10 |
|
12. |
Syndicate Bank |
30 |
|
13. |
UCO Bank |
20 |
Eight other banks, namely, Axis Bank, Federal Bank, ICICI Bank, Kotak Mahindra Bank, OBC, Standard Chartered Bank, SBI and Union Bank of India have been advised to put in place appropriate measures and review them from time to time to ensure strict compliance of KYC requirements and FEMA provisions on an ongoing basis.
The penalties have been imposed in exercise of powers vested in the Reserve Bank under the provisions of Section 47(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the violations of the instructions/directions/guidelines issued by the Reserve Bank from time to time. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers.Tags : KYC NORMS VIOLATION PENALTY
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