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. 

Fri, 08 Jul 2022 - 09:00 PM / by Vidhi Jhunjhunwala

Tags: RBI, Monetary Penalty, Bank of India, KYC, money transactions

Courtesy: ANI

RBI Imposes Fine

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.

Tue, 26 Apr 2022 - 09:29 AM / by Varsha Joshi

Tags: Reserve bank of India, Bank of Maharashtra, Fine, KYC, Maharashtra