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.