National Political News Telugu

RBI penalises seven 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.

In a statement issued from Mumbai yesterday, RBI informed that it 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. The central bank clarified that the action is purely based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction by the banks with their customers.

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