RBI imposes Rs 27-crore penalty on 13 Banks for violation of KYC norms and FEMA

The RBI has imposed Rs 27-crore penalty on 13 public and private sector banks, including PNB and HDFC Bank, while asking eight others including SBI and ICICI to ensure strict compliance with guidelines.

RBI said it has imposed monetary penalty on 13 banks for "violation of regulatory directions/instructions/guidelines, among other things, on KYC norms"

RBI IMPOSED FINE ON FOLLOWING BANKS

Syndicate Bank                       (Rs 3 crore), 

Punjab National Bank             (Rs 3 crore), 

Bank Of Baroda                       (Rs 5 crore),

SBBJ                                         (Rs 2 crore),

HDFC Bank                              (Rs 2 crore),

Allahabad Bank                        (Rs 2 crore),

Canara Bank                             (Rs 2 crore),

IndusInd Bank                            (Rs 2crore),

UCO BANK                                (Rs 2 crore),

Bank of India                              (Rs 1 crore),

Corporation Bank                      (Rs 1crore),

RBL Bank                                    (Rs 1 crore) 

SBM                                             (Rs 1 crore).

In respect of eight other banks...based on written and oral submissions, it was decided to advise them to put in place appropriate measures and review the same from time to time to ensure strict adherence to KYC/AML requirements as well as Fema provisions on an ongoing basis," RBI said. 


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