India: RBI penalises 13 Banks for violating KYC Norms

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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)
1. Allahabad Bank 20
2. Bank of India 10
3. Bank of Baroda 50
4. Canara Bank 20
5. Corporation Bank 10
6. HDFC Bank 20
7. IndusInd Bank 20
8. Punjab National Bank 30
9. RBL Bank 10
10. SBBJ 20
11. SBM 10
12. Syndicate Bank 30
13. UCO Bank 20

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.