22 Banks fined by RBI for violating KYC Norms

The Reserve Bank of India (RBI) has cracked the whip on erring banks, by imposing penalties on them for violating the KYC (Know Your Customers) rules and anti-money laundering norms. The Central Bank imposed Rs 49.5 crore fine on 22 banks, including the SBI, PNB, Kotak Mahindra and Canara Bank. Seven other banks have been issued cautionary letters.

RBIThe banks, which came under the RBI scanner, include Andhra Bank (Rs 2.5 crore), Bank of Baroda (Rs 3 crore), Bank of India (Rs 3 crore), Canara Bank (Rs 3.001 crore), Central Bank of India (Rs 3 crore), Deutsche Bank A.G. (Rs 1 crore), Development Credit Bankl Ltd. (Rs 1 crore), Dhanlaxmi Bank Ltd. (Rs 2 crore), Indian Overseas Bank (Rs 3.002 crore), ING Vysya Bank Ltd. (Rs 1.5 crore), Jammu & Kashmir Bank Ltd. (Rs 2.501 crore), Kotak Mahindra Bank (Rs 1.501 crore), Oriental Bank of Commerce (Rs 2 crore), Punjab and Sind Bank (Rs 2.5 crore), Punjab National Bank (Rs 2.5 crore), State Bank of India (Rs 3 crore), The Federal Bank (Rs 3 crore), The Lakshmi Vilas Bank (Rs 2.5 crore), The Ratnakar Bank (Rs 0.5 crore), United Bank of India (Rs 2.5 crore), Vijaya Bank (Rs 2 crore) and Yes Bank (Rs 2 crore).

Seven other banks, who have been issued cautionary letter, are Barclays Bank PLC, BNP Paribas, Citibank N.A., Royal Bank of Scotland, Standard Chartered Bank, State Bank of Patiala, The Bank of Tokyo Mitsubishi UFJ Ltd. Earlier, the RBI had imposed massive penalties on ICICI Bank, HDFC Bank and Asis Bank for the same reason.

Comments

comments