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RBI penalises banks for violating various norms

RBI penalises banks for violating various norms

Reserve Bank has imposed monetary penalty of two million rupees each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance of various Know Your Customer/ Anti-Money Laundering norms.

RBI has imposed monetary penalty of 1.5 Crore rupees 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 1 crore rupees was imposed on Andhra Bank for the same reason.

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