RBI fines 3 private banks for violating KYC norms

Reserve Bank of India (RBI) fines 3 private banks for violating know-your-customer (KYC) norms.

The Reserve Bank of India (RBI)RBI-Reserve Bank of India on Monday penalized top three private sector banks — ICICI Bank, HDFC Bank and Axis Bank — for violating, among others, know-your-customer (KYC) norms and failing to file cash-transaction reports in some cases. It levied a penalty of Rs 1 crore, Rs 4.5 crore and Rs 5 crore on ICICI Bank, HDFC Bank and Axis Bank, respectively.

The central bank, however, said its investigation of these banks did not reveal any prima facie evidence of money laundering. It observed that any conclusive inference in this regard can be drawn only by an end-to-end investigation of the transactions by tax and enforcement agencies.

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KYC RBI Reserve Bank of India

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