Jul 27, 2016
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:
|SNo||Name of bank||Penalty Amount (in ₹ million)|
|2.||Bank of India||10|
|3.||Bank of Baroda||50|
|8.||Punjab National Bank||30|
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.