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RBI imposes Monetary Penalty on Three Banks; cautions Eight

Dated:- 30-4-2015 - The Reserve Bank of India has imposed monetary penalty on the following three banks for violation of Reserve Bank of India instructions, inter alia, on Know Your Customer (KYC)/ Anti Money Laundering (AML). The details of the penalty are: Sl. No. Name of the bank Penalty Amount (in Rs.mn) 1. Bank of Maharashtra 15 2. Dena Bank 15 3. Orien .....

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(A) (1) (c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the violations of the instructions/directions/guidelines issued by the Reserve Bank from time to time. This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers. Background On the basis of a complaint received by the Reserve Bank from a private organisation, a scrutiny of f .....

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tending Overdraft (OD) facility there against. Besides the effectiveness of systems and processes in place pertaining to implementation of KYC norms / AML standards in respect of these accounts was also looked into. The findings revealed violation of certain regulatory guidelines issued by the Reserve Bank as also other disquieting actions on the part of the banks, as under: non-adherence to certain aspects of KYC norms of the Reserve Bank like customer identification and acceptance procedure .....

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