Finance

RBI penalises seven banks for violating various norms

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MUMBAI: Seven Banks were penalised by the Reserve Bank of India for violating various norms. Three banks- HDFC Bank, Kotak Mahindra Bank and IDBI Bank – were fined Rs 2 million each for non-compliance with various directions issued by RBI on Know Your Customer (KYC) norms and Anti-Money Laundering (AML) standards.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, RBI said in a release.

The central banks also penalised four other bank- Allahabad Bank, Andhra Bank, Indian Overseas Bank and Bank of Maharashtra- for non-compliance with various directions issued by RBI on monitoring of end use of funds, exchange of information with other banks, classification and reporting of frauds, and on restructuring of accounts. While Andhra Bank was fined Rs 10 million, the other banks were fined Rs 15 million each.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers, RBI said in another release.

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