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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 pena .....

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tal Bank of Commerce 15 Eight other banks, namely, Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank have been cauti .....

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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 .....

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ixed accounts opened in its name in Mumbai based branches of certain public sector banks was undertaken in July 2014. With more complaints and involvement of other banks coming to light, a wider thematic review was conducted and in all 12 branches of .....

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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 .....

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non-adherence to the Reserve Bank s instructions on monitoring of transactions in customer accounts non-adherence to the Reserve Bank s instructions regarding funds received through Real Time Gross Settlement System (RTGS) opening of fixed deposit .....

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pening of the accounts as also subsequent operations in those accounts Based on the findings, the Reserve Bank issued a show cause notice to 11 banks, in response to which the individual banks submitted written replies. After considering the facts of .....

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