Photo: NewsOnAIR
RBI Issues Monetary Penalty On Bank Of India For Violation Of KYC Regulations
Reserve Bank of India (RBI) announced a monetary penalty of Rs 70 lakh against Bank of India for violating Know Your Customer standards on July 8. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," RBI said. RBI issued a directive after considering the bank's reply.
Tags: RBI, Monetary Penalty, Bank of India, KYC, money transactions
Courtesy: ANI
Photo: NDTV
RBI Imposes Huge Fine On Bank Of Maharashtra Over KYC Violations
The Bank of Maharashtra is to pay Rs. 1.12 crore as penalty to the Reserve Bank of India (RBI) for non-compliance with certain directions, including those related to Know Your Customer (KYC) norms. On April 25, the RBI imposed the huge fine amid violation provisions related to banking conduct after the statutory Inspection for Supervisory Evaluation (ISE). The aforementioned fine was confirmed through an official release by the RBI.
Tags: Reserve bank of India, Bank of Maharashtra, Fine, KYC, Maharashtra
Courtesy: The Free Press Journal
