RBI penalises Banks for Non-Compaliance |
Acting upon th private banks the Reserve Bank of India imposes penalty for non-compliance of various Know Your Customer & Anti-Money Laundering norms. Cracking whip on violators of norms, Reserve Bank of India has imposed monetary penalty of 28 thousand US dollars each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance of various Know Your Customer/ Anti-Money Laundering norms. The central bank clarified that the action is purely based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction by the banks with their customers. RBI informed that it has imposed monetary penalty of 212 $ each on Allahabad Bank, Bank of Maharashtra and Indian Overseas Bank for non-compliance of norms related to monitoring end use of funds, exchange of information, classification and reporting of frauds and on restructuring of accounts. A penalty of $ 141 usd was imposed on Andhra Bank for the same reason, in a statement issued from Mumbai yesterday.
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