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Multiple Indian banks penalised by RBI

Reserve Bank has imposed a 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.

RBI in a statement informed that it has imposed a 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 the restructuring of accounts. A penalty of 1 crore rupees was imposed on Andhra Bank for the same reason.


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