RBI imposes monetary penalty on 6 banks for violating KYC guidelines

8/24/2013
  • The Reserve Bank has imposed monetary penalty worth 6 crore 50 lakh rupees on six banks for violating Know Your Customer guidelines. 
  • In a press release issued in Mumbai today, RBI has informed that penalties ranging from 50 lakhs to 2 crore have been imposed on Allahabad Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, IDBI Bank Ltd. and Indian Bank. 
  • The Apex Bank has however clarified that till now there is no prima facie evidence of money laundering.
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