RBI penalises 22 banks for violating KYC norms

July 15, 2013 14:06

The RBI has penalised 22 banks for violating KYC norms. RBI has imposed fines ranging from Rs 50 lakh to Rs 3 crore, though it said that prima facie no evidence of money laundering was found. RBI has also sent cautionary letters to seven other banks following scrutiny.

The RBI on Friday had warned banks to meticulously follow its instructions with regard to walk-in customers while selling insurance, mutual fund, gold and other products above Rs 50,000 or face action. "It is reiterated that banks should meticulously follow the instructions in letter and spirit and ensure that violations of (KYC and anti-money laundering norms) do not recur. Such violations would be viewed seriously by the Reserve Bank and would involve imposition of penalties," RBI said in a notification.

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